The British pound remained in strong bearish tone against dollar on Thursday as selling interest continued as the British pound was weighted down by soft service sector report which added to concern that British economy …
The British pound remained in strong bearish tone against dollar on Thursday as selling interest continued as the British pound was weighted down by soft service sector report which added to concern that British economy is stumbling in the run up to vote on whether Britain should quit European Union.
The data showed the service sector index fell to 52.3 in April from 53.7 in March, below analyst’s expectation.
Currently the pair is trading at 1.4510 levels, it is set to decline towards 1.4450 and 1.4400 in the short term as US dollar is stronger across the board against British pound.
To the upside, the strong resistance can be seen at 1.4520, a break above this level would expose to cable to next resistance level at 1.4615.
To the downside immediate support can be seen at 1.4441, a break below will open the door towards next level at 1.4415.
