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Another better economic dockets from UK and another dull performance from pound, as dollar looks well bid against pound as crucial weekend approaches.
- UK services PMI came at 58.5 compared to 56.5 prior and 57.5 expected.
Despite better economic result, pound failed to push above 1.564 area ahead of a crucial weekend. Where Greeks are scheduled to vote on whether or not to reject the bailout proposed by lenders.
UK economy seems to be improving, however pound is likely to remain offered against dollar in the short term.
- First call was provided to go short on pound around 1.576 with stop loss around 1.582 and 1.595 area targeting 1.548 and 1.532 area. Pound is currently trading at 1.562.
Resistance lies around 1.566 and 1.572, where further shorts can be added.
- Yesterday, US non-farm payroll showed 223,000 jobs were added in June and May payroll got revised by 26,000 to 254,000.
- In spite of weaker jobs report pound has failed to push for any significant gains against dollar, which makes it further vulnerable against dollar.
