GBP/USD has shown a massive recovery of more than 200 pips from yesterday’s low of 1.28380. A lot of progress has been happened in Brexit during past few days. The EU and UK has agreed on text for the Brexit.UK PM will be presenting the draft to cabinet ministers later today. The pair is showing huge volatility yesterday and it has jumped till 1.30475 and closed at 1.29650. It is currently trading around 1.29743.
Markets eye UK CPI data which is to be released today for minor movement. On the higher side, 1.3050 will be acting as major resistance and any break above confirms minor bullishness and a jump till 1.3100/1.3175 is likely
On the lower side, near term support is around 1.2920 and any violation below will drag the pair down till 1.2865/1.2820.Any break below 1.2820 confirms bearish continuation
It is good to buy on dips around 1.2960-625 with SL around 1.2900 for the TP of 1.3095/1.3175.
