Trading Tips:The pound trimmed gains against the U.S. dollar on Friday, after the release of downbeat U.K. economic reports, although sentiment on the greenback remained vulnerable due to the Federal Reserve’s cautious stance on rate hikes.GBP/USD pulled back from 1.4140, the session high, to hit 1.4098 during European morning trade, still up 0.32%.Cable was likely to find support at 1.4004, the low of April 6 and a one-month low and resistance at 1.4280, the high of April 5. The U.K. Office for National Statistics reported on Friday that manufacturing production declined by 1.1% in February, compared to expectations for a 0.2% fall. Manufacturing production rose by 0.5% in January, whose figure was revised from a previously estimated 0.7% gain. Year-on-year, manufacturing production dropped 1.8% in February, confounding expectations for a 0.7% fall.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4135 TARGET 1.4165 1.4195 SL 1.4105
SELL GBP/USD BELOW 1.4100 TARGET 1.4080 1.4050 SL 1.4130
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