- GBP/USD has shown a minor jump from the low of 1.28840 at the time of writing. It is currently trading around 1.29203.
- UK construction PMI came at 53.1 points in April compared to forecast of 52.0.Markets showed very mild reaction after release of data. GBP is trading slightly lower on news that EU is raising the amount of the Brexit deal for UK to EUR 100b from 40b.
- The pair is facing major resistance around 1.26955 high made on Apr 28th 2017 and any violation above will take the pair till 1.3000.Bullish continuation can be seen only above 1.3000 level.
- 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).
- FOMC rate decision will be the major focus today and is expected to keep the interest rates unchanged.
It is good to sell on rallies around 1.2935-1.2940 with SL around 1.2980 for the TP of 1.2850/1.2780.
Resistance
R1-1.2965
R2 -1.3000
R3- 1.3010
Support
S1-1.28800
S2-1.28500
S3- 1.2780
