Trading Tips:GBP/USD hit 1.5746 during European morning trade, the session low; the pair subsequently consolidated at 1.5741, slipping 0.22%. The pound edged lower against the U.S. dollar on Friday, pulling back from a six-month peak as the greenback recovered from the previous session’s mixed U.S. data and as investors awaited the release of additional U.S. reports later in the day. Cable was likely to find support at 1.5630, the low of May 13 and resistance at 1.5816, Thurs day’s high and a six-month high. The weak inflation data reinforced expectations that the Federal Reserve will hold off on raising interest rates until the economic recovery is on a stronger footing.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5755 TARGET 1.5775 1.5805SL 1.5725
SELL GBP/USD BELOW 1.5700 TARGET 1.5680 1.5650 SL 1.5730
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