GBP/USD hit 1.5690 during European morning trade, the session high; the pair subsequently consolidated at 1.5659. The pound held steady against the U.S. dollar on Friday, after data showed that U.K. public sector net borrowing rose less than expected last month, while demand for the greenback remained under pressure. Cable was likely to find support at 1.5520, Thursday’s low and resistance at 1.5750, the high of May 17.The U.K. Office for National Statistics reported that public sector net borrowing rose by £6.04 billion in April, compared to expectations for an increase of £7.80 billion. The change in public sector net borrowing for March was revised to a £6.06 billion gain from a previously estimated £6.74 billion increase.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5540 TARGET 1.5560 1.5590 SL 1.5510
SELL GBP/USD BELOW 1.5445 TARGET 1.5425 1.5395 SL 1.5475
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