GBP/USD has shown a minor recovery after hitting low of 1.29228 . The minor jump is due to slight profit booking in USD. US dollar index has declined slightly after hitting high of 95.52 level. It is currently trading around 95.13. The dovish rate hike and Brexit uncertainty is putting pressure on Pound sterling. UK trade minister said that European union is pushing UK to have no deal Brexit and there is 60% chance of having such a deal. The comment from UK trade minister is also one the reasons for cable to hit 1.2920 level. It is currently trading around 1.29598.
With no macro economic data to be released today. Markets eyes US inflation and UK GDP data which is to be released within this week for further direction.
On the lower side , near term support is around 1.2950 and any break below will drag the pair to next level till 1.2900/1.2800.
Any minor bullishness can be seen only above 1.3000 and any break above will take the pair to next level till 1.3025 (100- H MA)/1.3075 (200- H MA).Any major trend reversal only above 1.3130.
It is good to sell on rallies around 1.3000 with SL around 1.3060 for the TP of 1.2805.
