Major resistance- 1.3300
GBPUSD is trading lower after a huge jump of more than 400 pips from low of 1.26958 made on Oct 30th 2018. The jump was mainly on hopes of Brexit deal. The pair hits high of 1.31747 and started to decline on broad based of US dollar buying. It hits low of 1.29900 and currently trading around 1.30075.
UK GDP data came better than expected . It grew by 0.6% in Q3 highest in 2 year and manufacturing production came at 0.2% compared to forecast of 0.1%.
On the lower side, major support is around 1.3000 and any violation below targets 1.2960/1.2920. Any break below 1.2920 confirms further weakness and dip till 1.2800/1.2700 is possible.
The near term resistance is around 1.3050 and any break below targets 1.3090/1.3175.
It is good to sell on rallies around 1.3085-90 with SL around 1.3175 for the TP of 1.2970.
Resistance
R1- 1.3050
R2 - 1.3090
R3- 1.3175
Support
S1- 1.3000
S2- 1.2960
S3- 1.2920
