Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair rose early Europe, with no clear catalyst behind the move, as the only piece of data release in the UK was the construction PMI for March, which resulted at 54.2, unchanged from February.
Key Quotes:
"The pair however, recovered up to 1.4321, from where it slowly retreated in a quiet US session, back below the 1.4300 figure. The kingdom will release its latest Services PMI on Tuesday, expected at 53.9 from a previous 52.7. The services sector has been showing steady growth ever since the year started, unlikely to other sectors of the economy, so a positive reading should not come as a surprise.
Nevertheless, a better-than-expected number may help the Pound to recover further, as it has been lately underperforming. Short term, technical readings in the 1 hour chart hold in positive ground, but lack directional momentum, anticipating some further range ahead."
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