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GBP/USD - Scope for further gains if UK PMI beats estimates

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
Resistance - 1.4805, 1.4844, 1.49

Support - 1.4740, 1.47, 1.4650

  • GBP/USD extended gains in Europe to a high of 1.4764 levels following a bullish break from the larger falling trend line level on daily chart .
  • The move is largely due to broad based USD selling, Markets haven't priced-in a slight uptick in the UK services PMI.
    Consequently, 1.48 could be put to test if the PMI blows past expectations.
  • On the other hand, an in line with estimates figure/weaker-than-expected figure could become a reason for technical correction.
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