• GBP has shown a major decline after forming showing a jump till 1.29836 yesterday on account weak UK economic data. The pair has declined slightly below major support 1.2900 and is currently trading around 1.29017.
   
• UK industrial and manufacturing production came at lesser than forecast. The data came at -0.1% compared to forecast of 0.4% rise.
   
• 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 1.29780/1.3030.
   
• On the lower side, near term minor support is around 1.2900 and any break below will drag the pair down till 1.2846 (21- day EMA)/1.2810 (daily Kijun-Sen)/1.2758 .
  
  It is good to sell on rallies around 1.2910-1.2915 with SL around 1.2980 for the TP of 1.2845/1.2810/1.2750.