GBP/USD Need To Break 1.4700 For Next Leg Up

GBP/USD moving in a very tight range between 1.4700 and 1.4300 since May. Though some positive data came out of UK this week but that wasn't strong enough to break 1.4700.
The Guardian News Paper reported that "The UK's recovery is likely to lag European neighbours France and Germany this year, according to economists at Standard & Poor's, who warn this morning that uncertainty around gaping budget deficits could hurt growth throughout the region."
Investor's are not confident on European growth this year due to the big budget deficit on few European Countries.
Back to the currency, we think GBP/USD needs to break 1.4700 and stay above that level to move further up.
Daily and Weekly positive so far and that pointing some positive bias towards this currency pair. NFP report is due tomorrow and that will move the pair in either direction. If GBP/USD can close the week in positive note then we think it will have better chance to break 1.4700 level by next week.

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