FxWirePro: GBP/USD trade idea

• GBP/USD continuing its rally and hits one month high after breaking psychological resistance 1.3000 level yesterday. Cable jumped till 1.30480 highest since Aug 11th in spite of weaker than expected data in construction and services sector. It is currently trading around 1.30426.
   
• The broad based selling in the happened in US dollar on account of risk – off mode in US and also due to decline in US 10 year bond yield to 10 month low.
   
• Intraday trend is bullish as long as support 1.2985 (233- 4H MA) holds. Any break below this level will drag the pair down till 1.2948 (34- 4H EMA)/1.2900. Minor weakness can be seen only below 1.2850 level.
   
• On the higher side, 1.3050 will be acting as near term resistance and any beak above targets 1.3100/1.3160.

It is good to buy on dips around 1.30250 with SL around 1.2980 for the TP of 1.3100/1.3160

Resistance
               

R1- 1.3050

R2 1.310
 

R3- 1.3160
 

Support               
 

S1-1.2985
 

S2-1.2900
 

S3-1.2845