FxWirePro: GBPUSD trade idea

•  Cable has shown a good recovery after release of UK jobs data. The pair jumped almost 50 pips and hits intraday high of 1.30760.US dollar pared some of its gains made yesterday and market eyes fed FOMC meeting tomorrow for further direction.  It is currently trading around 1.40480.
   
• UK wages have shown good jump to 2.8% compared to forecast of 2.5%. The increase in wage growth raises the chance of rate hike by BOE. UK unemployment rate came at 4.3% for the month of Feb compared to forecast of 4.4%.
   
• Technically on the lower side, near term support is around 1.4000 and any break below will drag the pair down till 1.3960/1.3928/1.3900. Major weakness can been only below 1.3700. 
   
• The near term resistance is around 1.4010 and break above will take the pair till 1.4145. The pair should break above 1.4070 for further upside.

It is good to buy on dips around 1.4050 with SL around 1.400 for the TP of 1.4145.

Resistance
 

R1-1.4090
 

R2 – 1.4145
 

R3-1.4200

Support               
 

S1-1.39800
 

S2-1.3920
 

S3- 1.3860