FxWirePro: GBP/USD Trade idea

GBPUSD halted its continuous bullishness after a jump of more than 150 pips yesterday. The recent jump was mainly due to Brexit optimism and better than expected UK economic data. The pair hits high of 1.32983 and shown a good sell-off after EU top officials said UK Brexit will not work. In the Brexit meeting in Salzburg Austria, the EU council president Tusk and Juncker has said that Theresa May Chequers plan is unworkable. It has announced potential summit in November. The pair hits low of 1.31450 and is currently around 1.31550.

On the lower side, near term support is around 1.377 (23.6% fib) and any convincing break below targets 1.3130/1.3098/1.3060. Any close below 1.3300 confirms further bearishness.

The near term major resistance is around 1.3300 and any violation above targets 1.3360/1.3400.

It is good to sell on rallies around 1.3200-05 with SL around 1.3260 for the TP of 1.3060/1.3000.

Resistance

R1- 1.3300
 

R2 - 1.3368
 

R3- 1.3400

Support               

S1- 1.3175

S2- 1.3098

S3- 1.3060