FxWirePro: GBP/USD downside capped by 20 –day MA, good to buy on dips
Cable has jumped slightly almost 0.4% from the low of 1.40111 made on Mar 29th 2018. he pair is trading flat as London market closed on account of Easter Monday. GBP/USD jumped till 1.40703 at the time of writing. The ju…
Cable has jumped slightly almost 0.4% from the low of 1.40111 made on Mar 29th 2018. he pair is trading flat as London market closed on account of Easter Monday. GBP/USD jumped till 1.40703 at the time of writing. The jump was mainly due to US-china trade war. It is currently trading around 1.40640.
Market eyes US ISM manufacturing data which is to be released for direction.
Technically on the lower side, near term support is around 1.3990 (50- day MA) and any break below will drag the pair down till 1.3908/1.3880.
The near term resistance is around 1.4100 and break above will take the pair till 1.4150/1.4220/1.4245. The pair should break above 1.4250 for further upside.
It is good to buy on dips around 1.4040-45 with SL around 1.3990 for the TP of 1.4145/1.4220.
