Trading Tips:The pound rose to one-week highs against the U.S. dollar on Thursday, as investors awaited the Bank of England’s monthly policy statement due later in the day, as well as weekly data on U.S. jobless claims. GBP/USD hit 1.5414 during European morning trade, the pair’s highest since May 27; the pair subsequently consolidated at 1.5393, rising 0.35%. Cable was likely to find support at 1.5248, Wednesday’s low and resistance at 1.5478. the high of May 26. Later Thursday, the BoE was expected to leave its benchmark interest rate on hold at 0.50% and its asset purchase facility program at £375 billion.The pound had come under pressure on Wednesday after the Market services purchasing managers’ index slowed to 56.5 last month from 59.5 in April. It was its lowest level since December. Economists had expected the index to tick down to 59.2.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5400 TARGET 1.5420 1.5450 SL 1.5370
SELL GBP/USD BELOW 1.5320 TARGET 1.5300 1.5270 SL 1.5350
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