Trading Tips:The pound was almost unchanged against the U.S. dollar on Tuesday, after mixed economic reports from the U.K. and as demand for the safe-haven greenback remained supported mid growing concerns over Greece’s debt crisis. GBP/USD hit 1.5693 during European morning trade, the session low; the pair subsequently consolidated at 1.5728. Cable was likely to find support at 1.5622, the low of June 17 and resistance at 1.5832, the high of June 23. The U.K. Office for National Statistics said gross domestic product expanded at a rate of 0.4% in the first quarter, up from a previous estimate of 0.3% and in line with expectations. Annualized GDP grew at a rate of 2.9% in the first quarter, up from an initial forecast of 2.4% and beating expectations for a 2.5% increase. he U.K. current account recorded a deficit of £26.5 billion in the first quarter, narrowing from a deficit of £28.9 billion in the fourth quarter, whose figure was revised from a deficit of £25.3 billion.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5805 TARGET 1.5825 1.5855 SL 1.5775
SELL GBP/USD BELOW 1.5715 TARGET 1.5695 1.5665 SL 1.5745
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