FxWirePro: Cable Trade Idea

• GBP has shown a major decline till 1.28937 yesterday after weaker than expected services PMI data with the following bounce till 1.29835 at the time of writing. The pair broken major support at 1.2900 and is currently trading around 1.29495.
   
• Markit UK services growth decelerated second consecutive month at 53.4 from previous of 53.8. The third disappointing data for this week along with manufacturing and construction PMI.  
   
• 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). The minor resistance is around 1.2960/1.29780/1.3030.
   
• On the lower side, near term minor support is around 1.2910 (cloud top) and any break below will drag the pair down till 1.2850 (21- day EMA)/1.2800 (daily Kijun-Sen) .
  
  It is good to sell on rallies around 1.2955-1.2960 with SL around 1.3030 for the TP of 1.2845/1.2810.

Resistance
                   

R1-1.2980
                               

R2 -1.3050
 

R3- 1.3110
 

Support   
 

S1-1.2840
 

S2-1.2810

S3-1.2770