- GBP has shown a major decline after hitting high of 1.30245 after weaker than expected UK manufacturing PMI data yesterday. The pair declined till 1.29168 and is currently trading around 1.29285.
- Markit UK manufacturing PMI came at 54.3points in June as compared to forecast of 56.3 lowest in three months. UK construction PMI data came at lesser than expected .The PMI fell to 54.8 from its 17 month high of 56 in May.
- 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).
- On the lower side, near term minor support is around 1.29250 (23.6% retracement of 1.25895 and 1.30298) and any break below will drag the pair down till 1.2839 (21- day EMA)/1.2810 (daily Kijun-Sen) .
It is good to sell on rallies around 1.2965-1.2970 with SL around 1.3030 for the TP of 1.2845/1.2810.
Resistance
R1-1.3030
R2-1.3050
R3-1.3110
Support
S1-1.2920
S2-1.284
S3- 1.2810
