FxWirePro: GBP/USD downside capped by cloud bottom, good to buy on dips
Cable formed a minor bottom around 1.28500 yesterday and jumped sharply till 1.29475. The pair has taken support cloud bottom and is currently trading around 1.29300. The pair has shown a jump from 1.29053 after better t…
Cable formed a minor bottom around 1.28500 yesterday and jumped sharply till 1.29475. The pair has taken support cloud bottom and is currently trading around 1.29300.
The pair has shown a jump from 1.29053 after better than expected UK Manufacturing PMI data. UK manufacturing data came at 56.7 compared to forecast of 55.
The pair’s near term resistance is around 1.29380 and any break above will take the pair to next level till 1.29785 and 1.3000/1.3030. It should break above 1.3050 for further upside.
Cable is trading in narrow channel and any break above upper channel resistance at 1.29665 will confirm minor bullish continuation.
On the lower side, near term support stands at 1.2850 (cloud bottom in daily c hart) and any break below will drag the pair down till 1.2800/1.27730. Cable further selling can be seen only below 1.27700.
It is good to buy on dips around 1.2855-60 with SL around 1.2800 for the TP of 1.29380/1.2975.
