Trading Tips:The pound fell to fresh one-month lows against the U.S. dollar on Tuesday, after the re- lease of downbeat U.K. manufacturing data added to concerns over the strength of the British economy.GBP/USD hit 1.2968 during European morning trade, the pair’s lowest since July 11; the pair subsequently consolidated at 1.2978, declining 0.47%. Cable was likely to find support at 1.2848, the low of July 11 and resistance at 1.3178, the high of August 5. The U.K. Office for National Statistics said manufacturing production decreased by 0.3% in June, worse than expectations for a decline of 0.2% and following a drop of 0.6% a month earlier that was revised down from an initial 0.5% decrease.On an annualized basis, manufacturing production rose 0.9% in June, worse than forecasts for a 1.3% increase.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.3047 TGT 1.3067 1.3097 SL 1.3017
SELL GBP/USD BELOW 1.2960 TGT 1.2940 1.2910 SL 1.2990
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