FxWirePro: GBP/USD retreats from higher levels on weak UK GDP, good to sell on rallies
GBP/USD broken the temporary top of 1.29035 high made on Apr 18th 2017 and jumped till 1.29170 yesterday. The pair has close slightly above the high. In the European session cable breaks the yesterday high of 1.29170 and…
GBP/USD broken the temporary top of 1.29035 high made on Apr 18th 2017 and jumped till 1.29170 yesterday. The pair has close slightly above the high.
In the European session cable breaks the yesterday high of 1.29170 and jumped till 1.29566 at the time of writing. It is currently trading around 1.29446.
The pair shown minor weakness as UK GDP growth slows to 0.3% in Q1.Quarterly GDP growth moderated to 0.3% in the three months from 0.7%.
On the lower side, near term support is around 1.2900 (23.6% retracement of 1.27549 and 1.29566) and nay break below targets 1.2850 (100 – H EMA)/1.281 (200- H MA).
It is good to sell on rallies around 1.2940-45 with SL around 1.3000 for the TP of 1.2850/1.2800
