FxWirePro: GBP/USD Trade Idea

• Cable shown a huge sell off after hitting a high of 1.27935 on account of weaker than expected U.K jobs data. The pair hits the low of 1.27257 at the time of writing. It is currently trading around 1.27405.
   
• UK workers earnings after inflation contracted at the fastest pace since 2014.UK normal earnings excluding rose by 1.7% Y-O-Y against expectations of 2%.
    
• On the lower side the pair near term support is around 1.2614 and any break below will drag the pair till , a decline till 1.2585/ (200- day MA)/1.2470 (61.8% retracement of 1.21088 and 1.30470) likely.
   
• The near term minor resistance is around 1.2780 (support turned into resistance) and any break above will take the pair till 1.2840 (50% retracement of 1.30476 and 1.26359)/1.2880 (21 EMA). The pair should break above 1.3050 for further bullish continuation.

It is good to sell on rallies around 1.2745-50 with SL around 1.2805 for the TP of 1.2635/1.2600.

Resistance
                   

R1-1.2805
                               

R2 -1.2840
 

R3- 1.2880
 

Support   
 

S1-1.2614
 

S2-1.2580

S3-1.2470