• GBP/USD declined sharply on Thursday after data showed US initial jobless claims rose less than expected.
• Weekly initial jobless claims fell by 6,000 to a seasonally adjusted 213,000, marking a seven-month low and coming in below economists' estimate of 220,000.
• Looking ahead, attention is now turning to the upcoming UK PMI data set for release on Friday. The PMI figures could provide important insights into the health of the UK economy.
• At GMT 15:31, the pair was trading down 0.23% at 1.2646, lowest since 8th Novemebr.
• Immediate resistance is located at 1.2656( Daily high), any close above will push the pair towards 1.2690(SMA 9)
• Strong support is seen at 1.2602(23.6%fib) and break below could take the pair towards 1.2516(May 13th low).
Recommendation: Good to sell around 1.2620 with stop loss of 1.2700 and target price of 1.2520
