The British pound weakened against the other major currencies in the early European session on thursday, after data showed that U.K. construction sector grew at a slower pace in March.
Data from Markit and the Chartered Institute of Procurement & Supply or CIPS showed that U.K.’s construction purchasing managers’ index fell to 57.8 in March, down from 60.1 in February. Economists had forecast the index to rise to 59.8 in March.
The pound fell to a 3-day low of 1.4247 against the Swiss franc and a 2-day low of 0.7303 against the euro, from early highs of 1.4336 and 0.7252, respectively.
Against the U.S. dollar and the yen, the pound edged down to 1.4814 and 177.11 from early highs of 1.4867 and 177.73, respectively.
If the pound extends its downtrend, it is likely to find support around 1.33 against the franc, 0.76 against the euro, 0.76 against the greenback,175.00 against the yen.
The material has been provided by InstaForex Company – www.instaforex.com