GBP/USD Struggles With Resistance After Services PMI

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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.

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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.

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