GBP/USD has pared some of its gains made yesterday after expectations of strong US GDP.The white house advisers said in Fox business news that second quarter GDP may surpass 4% first time since third quarter of 2014. The…
GBP/USD has pared some of its gains made yesterday after expectations of strong US GDP.The white house advisers said in Fox business news that second quarter GDP may surpass 4% first time since third quarter of 2014. The pair hits low of 1.30707 and shown a minor recovery.It is currently trading around 1.31230. Pound sterling was trading extremely weak in previous week after weaker than expected UK macro data would dampen the chance of rate hike by BOE in August month.
Technically near term resistance is around 1.3175 (20- day MA) and any convincing break above will take the pair till 1.3237 (34- day EMA)/1.3260. The pair should close well above 1.3300 on daily basis for bullish continuation.
On the lower side, near term major support is around 1.3000 and any close below will target 1.2900/1.2850.
It is good to buy on dips around 1.3055-60 with SL around 1.3000 for the TP of 1.3200/1.3260.
