GBP/USD hit 1.6840 during European morning trade, the pair’s lowest since June 12; the pair subsequently consolidated at 1.6850, shedding 0.21%.Cable was likely to find support at 1.6790, the low of June 12 and resistance at 1.6927, Thursday’s high.Markit research group said the U.K. manufacturing purchasing managers’ index fell to 55.4 last month, from a reading of 57.5 in June. Analysts had expected the index to slip to 57.2 in July.Meanwhile, demand for the dollar remained supported after the Labor Department on Thursday reported that the U.S. employment cost index rose by 0.7% in the seconf quarter, progressing at the fastest rate since September 2008, after a 0.3% increase in the first quarter.
Support: 1.6815
Resistance: 1.6868
RECOMMENDATION:
1. Buy GBP/USD Above 1.6870 TG: 1.6885/ 1.6905 SL 1.6850
2. Sell GBP/USD Below 1.6810- TG: 1.6795/1.6775 SL 1.6830
INTRADAY OUTLOOK
Support: 1.3411
Resistance: 1.3451
RECOMMENDATION:
1. Buy EUR/USD Above 1.3457 TG: 1.3472/ 1.3492 SL 1.3437
2. Sell EUR/USD Below 1.3505- TG: 1.3490/1.3470 SL 1.3525
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