GBP/USD hit 1.5846 during European morning trade, the session low; the pair subsequently consolidated at 1.5861, slipping 0.10%. The pound was lower against the U.S. dollar on Friday, despite the release of positive U.K. public sector borrowing data, as the previous session’s U.S. economic reports continued to support demand for the greenback. Cable was likely to find support at 1.5622, the low of June 17 and resistance at 1.5930, Thursday’s high and a sevenmonth high. The Office for National Statistics reported on Friday that U.K. public sector net borrowing hit £9.35 billion last month, up from £5.46 billion in April, whose figure was revised from a previously estimated £6.04 billion.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5930 TARGET 1.5950 1.5980 SL 1.5900
SELL GBP/USD BELOW 1.5800 TARGET 1.5780 1.5750 SL 1.5830
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