FxWirePro: GBP/USD trade Idea

Major resistance- 1.3300

GBPUSD is trading lower after a huge jump of more than 400 pips from low of 1.26958 made on Oct 30th 2018. The jump was mainly on hopes of Brexit deal. The pair hits high of 1.31747 and started to decline on broad based of US dollar buying. It hits low of 1.29900 and currently trading around 1.30075.

UK GDP data came better than expected . It grew by 0.6% in Q3 highest in 2 year and manufacturing production came at 0.2% compared to forecast of 0.1%.

On the lower side, major support is around 1.3000 and any violation below targets 1.2960/1.2920. Any break below 1.2920 confirms further weakness and dip till 1.2800/1.2700 is possible.

The near term resistance is around 1.3050 and any break below targets 1.3090/1.3175.

It is good to sell on rallies around 1.3085-90 with SL around 1.3175 for the TP of 1.2970.

Resistance

R1- 1.3050

R2 - 1.3090

R3- 1.3175

Support               

S1- 1.3000

S2- 1.2960

S3- 1.2920