FxWirePro: GBP/USD recovers slightly after upbeat UK service PMI, good to sell on rallies
Cable has recovered slightly from 3 week low after better than expected UK services PMI data. The pair has jumped till 1.32878 from the low of 1.3223. The huge sell off in GBP was mainly due to weak manufacturing and con…
Cable has recovered slightly from 3 week low after better than expected UK services PMI data. The pair has jumped till 1.32878 from the low of 1.3223. The huge sell off in GBP was mainly due to weak manufacturing and construction PMI data from UK. It is currently trading around 1.32747.
UK services PMI came at 53.6 11- month high compared to forecast of 53.2.
On the lower side, nearby support is around 1.3220 and any break below will drag the pair down till 1.3200/1.3100.
The near term resistance is around 1.3435 and any break above will take the 1.3465/1.3500/1.3570 (Sep 25th 2017 high). The minor resistance is around 1.3300/1.3350.
It is good to sell on rallies around 1.3295-1.3300 with SL around 1.3350 for the TP of 1.3200/1.3150.
