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- GBP/USD has shown a huge recovery after hitting weekly low at 1.2830 yesterday on account of positive UK economic data and is currently trading around 1.29377.
- UK Pound recovered after upbeat service PMI and added to this week’s better than expected manufacturing and construction PMI. Market awaits US NFP data for further direction.
- The pair is facing major resistance around 1.29655 high made on Apr 28th 2017 and any violation above will accelerate the up move to 1.3000. A follow through buying above 1.3000 will take the pair till 1.3060/1.3090.
- On the lower side, near term support is around 1.28500 and any break the support will drag the pair till 1.27549 (Apr 21st low).
- It is good to buy on dips around 1.2880 with SL around 1.2830 for the TP of 1.2960/1.3000.
Resistance
R1-1.2965
R2 -1.3000
R3- 1.3060
Support
S1-1.2830
S2-1.2750
S3- 1.2680
