Cable searching for direction after UK services data

Husni Bourgi \ June 5th, 2014

The British pound advanced against its US counterpart Wednesday, as UK service activity provided the necessary catalyst for a rebound. Cable has since eased off its Wednesday highs as the markets look ahead to the Bank of England’s rate decision on Thursday.

The GBP/USD was testing initial support at 1.6700 on Wednesday before strong UK services data helped the pair recover, eventually hitting an intraday high of 1.6765. The pair was trading sideways at 1.6737 in the Asian session. The daily chart shows initial support at 1.6700 and resistance at 1.6770.

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