The pound slipped lower against the U.S. dollar on Thursday, as investors remained cautious ahead of the Bank of England’s policy decision, due later in the day, amid mounting expectations for a rate cut. GBP/USD hit 1.3279 during European morning trade, the session low; the pair subsequently consolidated at 1.3301, shedding 0.18%. Cable was likely to find support at 1.3169, the low of August 2 and resistance at 1.3480, the high of July 15.The BoE was expected to lower interest rates by 25 basis points later Thursday, as a string of downbeat economic reports from the U.K. recently sparked concerns over the outlook for growth.Meanwhile, the dollar remained mildly supported after payroll processor ADP said on Wednesday that the U.S. private sector added 179,000 jobs last month, surpassing expectations for an increase of 170,000.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.3360 TGT 1.3380 1.3410 SL 1.3330
SELL GBP/USD BELOW 1.3060 TGT 1.3030 1.3000 SL 1.3090
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