GBP breaks major psychological resistance at 1.3000 and jumped till 1.30298 at the time of writing. The pair was trading near year high and any further bullishness can be seen only above that level. GBP was trading highe…
GBP breaks major psychological resistance at 1.3000 and jumped till 1.30298 at the time of writing. The pair was trading near year high and any further bullishness can be seen only above that level.
GBP was trading higher against all major pairs in this week after hawkish comments for BOE governor Carney on rate hike. Market awaits UK GDP especially consumer spending component for further direction.
The pair should break above 1.3050 for further bullishness. Any violation above 1.3050 will take the pair till 1.3110 (113% retracement of 1.30475 and 1.25894)/1.3150/1.33150 (88.6% retracement of 1.3440 and 1.19040).
On the lower side, near term minor support is around 1.2975 (4H Tenkan-Sen) and any break below will drag the pair down till 1.2940 (55- 4H EMA)/1.29250 (23.6% retracement of 1.25895 and 1.30298).
It is good to buy above 1.3050 with SL around 1.2980 for the TP of 1.3150/1.3300.
