The pound was little changed against the U.S. dollar on Friday, even after data showed that the U.K. service sector expanded at a faster rate than expected in May, as investors remained cautious ahead of a key U.S. employment report due later in the day. GBP/USD hit 1.447 during European morning trade, the session high; the pair subsequently consolidated at 1.4425. Cable was likely to find support at 1.4329, the low of May 16 and resistance at 1.4507, the high of June 1.Research group Markit said its U.K. services purchasing managers’ index rose to 53.5 last month from a reading of 52.3 in April. Analysts had expected the index to rise to 52.5 in April.Despite the better than expected read, Markit warned that the improvement in expectations would hinge on the June 23 referendum on the U.K.’s membership in the European Union.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4510 TGT 1.4560 1.4600 SL 1.4460
SELL GBP/USD BELOW 1.4365 TGT 1.4315 1.4275 SL 1.4315
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