FxWirePro: GBP/USD recovers on better then expected UK construction PMI, good to sell on rallies
Tuesday, July 3, 2018 12:02 PM UTC
- GBP/USD recovered sharply from intraday low of 1.31140 and hits high of 1.31960. It is currently trading at 1.31896. The major UK economic data released came slightly better than expected. UK construction PMI came at 53.1in June, seven month high compared to forecast of 52.5. The hawkish comments by BOE MPC member Michael Saunders also supporting the price.
- Technically near term resistance is around 1.3200 (support turned in to resistance) and any break above will take the pair till 1.3279 (20-day MA). The pair should close well above 1.3280 on daily basis for further jump till 1.340/1.3470/1.350.
- On the lower side, near term major support is around 1.310 and any break below will target 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.
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