The pound was almost unchanged against the U.S. dollar on Thursday, trading at two-and-a- half week lows despite better than expected U.K. construction data, as concerns over the Greek debt crisis continued to dampen market sentiment. GBP/USD hit 1.5582 during European morning trade, the pair’s lowest since June 16; the pair subsequently consolidated at 1.5610. The U.K. construction purchasing managers’ index rose to a four-month high of 58.1 this month from 55.9, beating expectations for a reading of 56.5. But investors remained cautious after Greek Prime Minister Alexis Tsipras on Wednesday urged Greeks to reject an international bailout deal in a referendum due to be held on July 5, souring hopes of any breakthrough. Less than 24 hours before, Tsipras had written a conciliatory letter to creditors asking for a new bailout that would accept many of their terms.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5730 TARGET 1.5750 1.5780 SL 1.5700
SELL GBP/USD BELOW 1.5495 TARGET 1.5475 1.5445 SL 1.5525
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