Trading Tips:The pound dropped to a nine-month low against the U.S. dollar on Wednesday, after data showed that U.K. service sector activity expanded at a slower rate than expected in December and as market sentiment remained under pressure.GBP/USD hit 1.4620 during European morning trade, the pair’s lowest since April 2015; the pair subsequently consolidated at 1.4638, shedding 0.22%. Cable was likely to find support at 1.4563 and resistance at 1.4725, Tuesday’s high. Research group Markit said its U.K. services purchasing managers’ index fell to 55.5 last month from a reading of 55.9 in November. Analysts had expected the index to dip to 55.6 in December. Meanwhile, investors remained cautious after North Korea confirmed on Wednesday that it had conducted a nuclear test and said that it won’t give up nuclear capability unless U.S. abandons its hostile foreign policy towards the country.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4660 TARGET 1.4680 1.4710 SL 1.4630
SELL GBP/USD BELOW 1.4630 TARGET 1.4610 1.4580 SL 1.4660
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