FxWirePro: GBP/USD hits 5-week,scope for further upside

• GBP/USD   rose to 5 –week high on Wednesday as   weak US economic data pressured the dollar.

• U.S. private payrolls declined unexpectedly in November amid small business layoffs, yet the labor market appears resilient, with official data showing low levels of job cuts.

•Private employment fell by 32,000 jobs in November, following an upwardly revised gain of 47,000 in October, according to the ADP report.

•  The U.S. services sector activity held steady in November, with employment still subdued and prices for inputs elevated, a survey showed on Wednesday.

• Meanwhile,The S&P Global UK Services Purchasing Managers' Index came in at 51.3 in November, down from October's 52.3, but less of a slowdown than an earlier provisional reading of 50.5.

•The composite PMI, which wraps in the manufacturing PMI released on Monday, eased to 51.2 from 52.2 in October, also a smaller drop than the provisional fall to 50.5 previously reported.

•   Immediate resistance is located at 1.3346( 38.2%fib), any close above will push the pair towards 1.3372(Oct 28th high)

•  Strong support is seen at 1.3200(38.2%fib) and break below could take the pair towards 1.3171 (SMA 20).

  Recommendation: Good to buy  around 1.3310, with stop loss of 1.3250 and target price of 1.3380