The Pound dropped due to low statistics for the construction sector on Thursday morning. Business confidence rose to 9-year highs, though. The UK manufacturing sector volume increased by 0.6% in the first quarter 2015 which is much higher than the year-ago growth of 0.2%. The UK manufacturing business activity index grew up to 54.4 as compared to the previous value of 54.1, while the US ISM index decreased to 51.5 despite optimistic forecasts of 52.5.
UK banks are closed today due to Good Friday. The US is to publish data on unemployment rates and non-farm payrolls in March. In spite of a forecast of 244 thousand, the US economy has registered higher figures, therefore GBP/USD may be expected to drop.
Support and resistance
The nearest resistance level is a local high at 1.4871. A level of 1.4779 (yesterday's minimum) serves as support.
Short positions should be opened from a level of 1.4830 with Take Profit at 1.4779 and Stop Loss at 1.4871.