FxWirePro: GBP/USD recovers on better than expected UK GDP figures, good to sell on rallies
GBP/USD has shown a nice jump of more than 100 pips from fresh 7- month low of 1.30496 on account better than expected UK economic data. The office for national statistics said that growth in the three months to Mar was …
GBP/USD has shown a nice jump of more than 100 pips from fresh 7- month low of 1.30496 on account better than expected UK economic data. The office for national statistics said that growth in the three months to Mar was 0.2% comapred to previous estimate of 0.1%. The chance of rate hike in the month has increased due to upward revision of U Kgrowth data. GBP rose more than 110 pips from today’s low and hoits intraday high of 1.31832 and is currently trading around 1.31590.
Technically near term resistance is around 1.3200 (support turned in to resistance) and any break above will take the pair till 1.3286 (20-day MA). The pair should close well above 1.3286 on dalily basis for further jump till 1.340/1.3470/1.350.
On the lower side, near term major support is around 1.3060 and any break below will 1.3045 (trend line support)/1.3000.
It is good to sell on rallies around 1.3205 with SL around 1.3285 for the TP of 1.3000.
