FxWirePro: GBP/CNY hits 10-month high post PBOC devaluation, good to buy on dips

• The unexpected PBOC's decision to depreciate its currency has pushed GBP/CNY to 10-month high at 9.8763 levels. It currently trades at 9.8398 levels.
  
  
• 7 EMA and 20 DMA crossover suggests further positive move for the pair.
  
  
• It sees immediate resistance at 9.8614 (200 DMA) and a sustainable break above could see the pair rising to 9.8861 levels (June 18 high).
  
  
• On the flipside, support is eyed at 9.8069 (Jun 24 high) and a break below could drag it to 9.7263 (Jul 23 high).

Resistance Levels:

R1: 9.8614 (200 DMA)
R2: 9.8861 (June 18 high)

Support Levels:

S1: 9.8069 (Jun 24 high)
S2: 9.7263 (Jul 23 high)