FxWirePro: GBP/USD jumps on mixed UK jobs data, good to buy on dips
Cable recovered once again after showing a minor decline below 1.2900 level on account of mixed UK jobs data. U.K unemployment hits 42 year low but basic pay slows to 2.1% lagging behind inflation. The pair broken the mi…
Cable recovered once again after showing a minor decline below 1.2900 level on account of mixed UK jobs data. U.K unemployment hits 42 year low but basic pay slows to 2.1% lagging behind inflation. The pair broken the minor resistance at 1.29572 high made yesterday and is currently trading around 1.29580.
On the higher side, major resistance is around 1.3000 and any break above confirms bullish continuation. Any break above will take the pair till 1.3050/1.3088 in the short term. The minor resistance is around 1.2960.
Cable major support is around 1.2830 low made on May 5th, 2017 and any break below will drag the pair down till 1.27800 (23.6% retracement of 1.2108 and 1.2987)/1.2720 (200- 4H MA).
Short term trend is bullish as long as support 1.2830 holds.
It is good to sell on rallies around 1.29000 with SL around 1.2960 for the TP of 1.2830/1.2780.
