FX.co ★ GBP/USD - Key level 1.54- for June 05, 2013 (daily strategy)

The British pound managed to gain positions as due to the publication of data in the UK. The services PMI rose above expectations, and confirmed a broad expansion observed last month, leading to the pound near the 1.54 area. If we expect this pair continue to rise, the pound will exceed that maximum to confirm a path upward. Otherwise, it starts to decline that has its first support at 1.53, if you look at the chart in previous weeks this pair has struggled to overcome the level of 1.54. If the pair fails to hold above 1.54, it will confirm a pattern of continuation of downtrend that aims to 1.50 and 1.47 levels. Therefore, we recommend selling at any price below 1.54.

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