The pound rose to three week highs on Wednesday after data showing that the dominant U.K. service sector posted another solid rise in output in January, getting 2016 off to a strong start. GBP/USD hit 1.4462, the most since January 13, up from around 1.4430 ahead of the data. The Markit services purchasing managers’ index ticked up to a five month high of 55.6 from Decembers 55.5. Analysts had expected a slight downtick to 55.3.New business rose at the sharpest rate since last July, the report said, while service providers raised employment at the fastest pace since last October.But output growth was weaker than the trend rates achieved in 2013, 2014 and 2015 and the longer-term outlook for business activity hit a three-year low.“The three PMI surveys for January collectively point to a slight upturn in the rate of economic growth, consistent with GDP rising at a quarterly rate of 0.6% in the first quarter, up from 0.5% in the fourth quarter, if current levels are sustained,” Chris Williamson, chief economist at Markit said.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4480 TARGET 1.4500 1.4530 SL 1.4450
SELL GBP/USD BELOW 1.4220 TARGET 1.4200 1.4170 SL 1.4250
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