The pound moved lower against the U.S. dollar on Friday, after the release of downbeat economic reports from the U.K. added to concerns over the outlook for Britain’s growth following the country’s decision to leave the European Union. GBP/USD hit 1.3173 during European morning trade, the session low; the pair subsequently consolidated at 1.3175, sliding 0.42%. Cable was likely to find support at 1.3061, the low of July 20 and resistance at 1.3313, the high of July 18. Research group Markit said its flash U.K. manufacturing purchasing managers’ index fell to 49.1 in July from a reading of 52.1 in June. Economists had expected the index to fall to 47.8 this month.Meanwhile, the U.K. services PMI dropped to 47.4 in July from a reading of 52.3 in June, compared to expectations for a decline to 48.9.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.3110 TGT 1.3130 1.3160 SL 1.3080
SELL GBP/USD BELOW 1.3060 TGT 1.3040 1.3010 SL 1.3090
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