Trading Tips:The pound remained slightly lower against the dollar on Tuesday after data showing that activity in the U.K. service sector picked up slightly in March, but remained subdued. GBP/USD was last down 0.23% at 1.4227 from around 1.4220 ahead of the report. The Markit services purchasing managers index came in at 53.7 in March, up from February’s near three year low of 52.7 and matching economists’ expectations. On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.Despite the slight advance from February levels, March rounded off the weakest quarter of output growth in the British services sector since the first quarter of 2013.The data also revealed the slowest increase in new business since January 2013.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4235 TARGET 1.4255 1.4285 SL 1.4205
SELL GBP/USD BELOW 1.4190 TARGET 1.4170 1.4140 SL 1.4220
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