FxWirePro: GBP/USD recovers on better then expected UK services PMI, good to buy on dips
GBP/USD recovered sharply from intraday low of 1.31705 and hits high of 1.32075. It is currently trading at 1.32038. The major UK economic data released came slightly better than expected. UK services PMI came at 55 in J…
GBP/USD recovered sharply from intraday low of 1.31705 and hits high of 1.32075. It is currently trading at 1.32038. The major UK economic data released came slightly better than expected. UK services PMI came at 55 in June, strongest expansion since Oct 2017 compared to forecast of 54. 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 convincing break above will take the pair till 1.3260 (20-day MA)/1.3300. The pair should close well above 1.3300 on daily basis for further jump till 1.3400/1.3465.
On the lower side, near term major support is around 1.315 (trend line support) and any break below will target 1.3100/ 1.3045 (trend line support)/1.3000.
It is good to buy on dips around 1.3198-20 with SL around 1.31480 for the TP of 1.3300.
