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GBP/USD Struggles With Resistance After Services PMI

The purchasing managers’ index for the services sector came out within expectations – 53 points. This helped cable move forward, but it’s still struggling with the mighty 1.5650 line, that capped it throughout the week.

The British pound has been enjoying the improvement in Europe – the hopes of a real resolution to the debt crisis also helps Britain. Britain is heavily exposed to Ireland and also to other European countries.

A convincing break above 1.5650 will send the pair towards minor resistance at 15720. Support is found at 1.5470. For more levels and technical analysis, see the GBP USD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.