Sterling tested new lows as the May Services PMI came in contraction for the first time in 4 years. Looking ahead for Monetary Policy Committee Interest rate statement which is widely expected to keep rates at 5.00%.
TECH VIEW:
Pound chart pattern indicates the currency to be downside for the day. the support is seen at 1.9436 levels and resistance is seen at 1.9610 levels. the trading range is expected between 1.9440-1.9590 levels for the day. stochastic is trending downwards thereby indicating the bear note to continue for the day. Momentum is trending downwards supporting the view of above
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