GBPUSD was trading lower and lost more than 50 pips after weaker than expected UK CPI data. UK CPI came at 2.6% YOY compared to forecast of 2.4%. Markets eye EU Brexit summit today for further direction. The pair hits low of 1.31240 and is currently trading around 1.3129.
On the higher side, near term resistance is around 1.3230 and any break above targets 1.32578/1.3300. it should break above 1.3300 for further upside. The near term minor resistance is around 1.3175/1.3215.
The near term support is around 1.30963 (100- day MA) and any convincing break below targets 1.3030/1.3000.
It is good to sell on rallies around 1.3175-80 with SL around 1.3235 for the TP of 1.3000.
Resistance
R1- 1.3175
R2 - 1.3235
R3- 1.3300
Support
S1- 1.3096
S2- 1.3030
S3- 1.3000
