FxWirePro: GBP/USD shows wild swing on continuous Brexit news, good to buy on dips

GBP/USD is trading highly volatile with positive bias. The pair hits high of 1.30717 yesterday and shown a decline of more than 180 pips.The pair hits low of 1.28820 and is currently trading around 1.29883.The PM Theresa May has got support from cabinet minister but opposition came from Tory Brexiteers and her Democratic Unionist Party (DUP). The Labour party will announce later whether it will support deal or not. It is currently trading around 1.29855 (0%).

UK CPI data came steady at 1.9% compare to forecast of 2.0%.Markets eye UK retail sales data to be released today for further direction. On the higher side, 1.3050 will be acting as major resistance and any break above confirms minor bullishness and a jump till 1.3100/1.3175 is likely

On the lower side, near term support is around 1.2920 and any violation below will drag the pair down till 1.2865/1.2820.Any break below 1.2820 confirms bearish continuation

It is good to buy on dips around 1.2925-28 with SL around 1.2860 for the TP of 1.3095/1.3175.