The pound was almost unchanged against the U.S. dollar on Friday, despite the release of upbeat U.K. manufacturing data as uncertainty following the Brexit vote and news of a potential U.K. rate cut this summer limited sterling’s gains. GBP/USD hit 1.3350 during European morning trade, the session high; the pair subsequently consolidated at 1.3315. Cable was likely to find support at 1.3318, the low of June 27 and resistance at 1.3535, the high of June 29.Research group Markit said that its U.K. manufacturing purchasing manager’s index rose to 52.1 last month from a reading of 50.1 in May. That was its highest level since January 2016.Analysts had expected the index to drop back into contraction at 49.9 in May.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.3345 TGT 1.3365 1.3375 SL 1.3315
SELL GBP/USD AROUND 1.3385-87 TGT 1.3365 1.3335 SL 1.3415
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