The pound held steady against the U.S. dollar on Friday, after data showed that U.K. public sector borrowing rose more than expected last month, while expectations for an upcoming U.S. rate hike continued to support the greenback. GBP/USD hit 1.5228 during European morning trade, the session low; the pair subsequently consolidated at 1.5287.Cable was likely to find support at 1.5184, the low of November 18 and resistance at 1.5335, Thursday’s high and a two-week high.Meanwhile, the dollar remained supported after the minutes of the Federal Reserve’s October meeting showed on Wednesday that a majority of board members are in favor of a December rate hike. The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending November 14 declined by 5,000 to 271,000 from the previous week’s total of 276,000. Sterling was higher against the euro, with EUR/GBP declining 0.45% to 0.6988.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5200 TARGET 1.5230 1.5260 SL 1.5170
SELL GBP/USD BELOW 1.5150 TARGET 1.5120 1.5080 SL 1.5180
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