The GBP/USD pair declined on Friday as sterling was weighted down after a survey showed growth in Britain's dominant services sector cooled and British Prime Minister Theresa May played down talk of a fresh Scottish inde…
The GBP/USD pair declined on Friday as sterling was weighted down after a survey showed growth in Britain's dominant services sector cooled and British Prime Minister Theresa May played down talk of a fresh Scottish independence vote as the UK prepares to leave the EU.
The UK services PMI fell to a five-month low of 53.3 from 54.5 in January and suggested the economy is now expanding at a quarterly pace of around 0.4 percent - much slower than the 0.7 percent expansion during the fourth quarter of 2016.
Friday's survey added to data suggesting investment and the economy at large is finally beginning to slow following June's vote to leave the EU.
The currency pair is trading at 1.2242 levels, it is set to decline further towards 1.2200 and later 1.2160 levels in the short term.
To the upside, the strong resistance can be seen at 1.2270 a break above this level would expose to cable to next resistance level at 1.2338.
To the downside immediate support can be seen at 1.2201, a break below will open the door towards next level at 1.2142.
