Not a good morning for GBP so far as we wait on UK data at 08.30 GMT 4 May
Renewed USD demand and underlying EUR support have sent EURGBP 0.7923 and GBPUSD now down below 1.4500 as I type .
Early failure into 1.4560 and support for EURGBP into 0.7890 set the tone but we're now also seeing that pair give up some gains as the USD demand sends EURUSD lower to new session lows of 1.1470
UK construction PMI data is not a big one in real terms given the sector's low input to GDP but we can expect some knee-jerk on any reading wide of the expected 54.00.
GBPUSD currently 1.4492 with demand into 1.4480 and larger at 1.4450. Offers/res now around 1.4520-25 and 1.4555-60.
EURGBP 0.7914 with sellers 0.7920-25 and 0.7950. Demand/support now at 0.7900 and 0.7885
