STERLING STILL BULLISH DESPITE WEAKER UK DATA
The British pound continues to trade towards the top-end of its recent range against the U.S dollar, after briefly dipping lower on weaker than expected UK PMI Services data. The GBPUSD pair again met strong dip-buying demand from the 1.4030 level, with price-action now trading towards the 1.4068 resistance area. Sterling traders continue to digest the weaker UK Services sector data, with the intraday trading-range now set between the 1.4030 and 1.4097 levels.
The GBPUSD pair retains a bullish bias whilst trading above the 1.4030 level, key resistance is currently located at the 1.4097 and 1.4146 levels.
Should price-action on the GBPUSD pair hold below the 1.4030 level for a sustained basis, key technical support is then found at the 1.4008 and 1.3960 levels.