FxWirePro: GBP/USD trade Idea

• GBP/USD has been struggling to break 1.3400 after hawkish comments by Fed. Fed hiked rates by 25 basis point and upgraded its forecasts and was very much optimism about economy. Cable broken the resistance of 1.3400 after release of UK retail sales data. UK retail sales came at 1.4% in the month of May compared to forecast of 0.5%. It hits high of 1.34466 at the time of writing and is currently trading around 1.33298.
   
• On the higher side, any break above 1.3460 will take the pair to next level till 1.35080 (23.6% fib)/ 1.35695 (May 17th 2018 high).
   
• On the lower side, any break below 1.3380 (200- H MA) will drag the pair till 1.3300/1.3240.

It is good to sell on rallies around 1.3385-90 with SL around 1.3440 for the TP of 1.3300/1.3240.

Resistance

R1- 1.3460
 

R2 –1.3510
 

R3- 1.3570

Support               
 

S1- 1.3375
 

S2-1.3300
 

S3-1.3240