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Cable downside capped by 61.8% fibo, market eyes UK retail sales

  • GBP/USD has made a low of 1.2845 and jumped sharply from that level on account of better than expected UK jobs report. The pair re-takes 1.2900 handle. Market awaits UK retail sales for further direction.
     
  • UK jobless rate ticked lower to 4.4% and job less claim fell by 4.2K  in Jul against forecast of 3.7K  increase and claimant rate came at 2.3%.
     
  • On the higher side, any break above 1.29500 will take the pair till 1.3000/1.3030.Any brake above 1.3030 will target 1.3047/1.3075.The minor resistance is around 1.2930.
     
  • The pair major support is around 1.2845 (61.8% fibo) and any break below will take the pair till 1.2810 (Jul 12th 2017 low)/1.2760.

It is good to buy on dips around 1.2855-1.2860 with SL around 1.2800 for the TP of 1.2945/1.3000.
 

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