Sterling bounced off lows in line with general USD weakness but the economic data continued to show a weakening economy. Claimant Count Change came in weaker at 9K. The Average Earning Index was expected to rise to 4.1% . The April Trade Balance also continues to worsen falling to -7.6 Bln deficit .Looking ahead for Bank of England inflation attitudes survey .
Tech View:
GBP is expected to be on downtrend for the day. support for the currency is seen at 1.9480 levels and holds resistance at 1.9690 levels. Trading range is expected between 1.9485-1.9670 levels. Momentum trends downside for the day . MACD also supports the same. Stochastic is trending downwards thereby supporting for bear run to continue for the day.
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