Trading Tips:The GBP/USD pair trades 0.29% at 1.4566, easing-off session highs reached at 1.4580 levels. Having failed several attempts to take out stiff resistance near 1.4580 region, the cable retreats as the European stocks come slightly under pressure, thus, reducing the demand for risk/ high-yielding currencies such as the GBP. However, the GBP/USD pair finds support from receding US dollar against its major competitor. The USD index pares gains to trade 0.14% higher at 98.60. While a generalized strength seen across the higher yielding currencies such as the AUD, NZD and the CAD, further helps keep the recovery in GBP/USD intact. The U.S. dollar index, which measures the greenback’s strength against a trade weighted basket of six major currencies, was up 0.09% at 98.55.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4570 TARGET 1.4590 1.4620 SL 1.4540
SELL GBP/USD BELOW 1.4530 TARGET 1.4510 1.4480 SL 1.4560
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