Trading Tips:GBP/USD hit 1.5385 during European morning trade, the pair’s lowest since May 8; the pair subsequently consolidated at 1.5415, sliding 0.36%. The pound fell to two-week lows against the U.S. dollar on Tuesday, as expectations for a U.S. rate hike in the coming months continued to lend broad support to the greenback. Cable was likely to find support at 1.5241, the low of May 8 and resistance at 1.5591, the high of May 20.The dollar was boosted after Federal Reserve Chair Janet Yellen reiterated Friday that the bank still expects to start raising interest rates later in the year if the economy continues to improve as expected. She attributed a slow- down in first quarter growth to “transitory factors”, including a harsh winter, but reiterated that the timing of an initial rate hike would be data dependent.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5430 TARGET 1.5450 1.5480 SL 1.5400
SELL GBP/USD BELOW 1.5350 TARGET 1.5330 1.5300 SL 1.5380
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