• GBP/ dipped on Monday as dollar firmed as a run of positive economic data led investors to scale back expectations about the size and speed of rate cuts from the Fed.
Last week, data showed retail sales grew more than anticipated in September and jobless claims fell •the previous week
• At GMT16:03, the pair was trading up 0. 52 % at 1.2978, lowest since 17th Oct
• Technical highlight downside risks for GBP/USD , with momentum studies, 5, 10 and 11 DMAs tracking south.
• Immediate resistance is located at 1.3024( Oct 17th high), any close above will push the pair towards 1.3059(38.2%fib)
• Strong support is seen at 1.2975(23.6%fib) and break below could take the pair towards 1.2900(Psychological level).
Recommendation: Good to sell around 1.3000, with stop loss of 1.3100 and target price of 1.2920
