FxWirePro: GBP/USD faces strong support at 50- day MA, break below targets 1.3925

• Major resistance- 1.4100
   
• Cable has declined more than 125 pips yesterday after weaker than expected UK economic data. The pair hits low of 1.3965 and is currently trading around 1.4010. UK construction and services PMI came slightly below expectations  
   
• UK construction PMI came at 47 fastest drop since July 2016. It fell from 51.4 in Feb and reading below 50 indicates a decline in activity .While UK services PMI dipped to 51.7 in Mar compared to 54.5 in Mar lowest level in 20 years.  
   
• Market eyes US non-farm payroll data which is to be released today for further direction. 
   
• Technically on the lower side, near term support is around 1.3985 (50- day MA) and any CLOSE below will drag the pair down till 1.39825/1.3925. 
   
• The near term resistance is around 1.40320 (20- day MA) and break above will take the pair till 1.4100/1.4145/1.41800. The pair should break above 1.4250 for further upside.

It is good to sell on rallies around 1.4045-50 with SL around 1.4100 for the TP of 1.398/1.3925.