FxWirePro: GBP/USD trades higher above 1.3000, good to buy on dips
Cable breaks the psychological resistance at 1.3000 and jumped till 1.30475 highest since Oct 2016 on account of better than expected U.K retail sales. UK retail sales came at 2.3% for the month of Apr compared to foreca…
Cable breaks the psychological resistance at 1.3000 and jumped till 1.30475 highest since Oct 2016 on account of better than expected U.K retail sales. UK retail sales came at 2.3% for the month of Apr compared to forecast of 1.2%. It is currently trading around 1.3003.
GBP/USD shown minor profit booking after hitting 7- month high. The pair came down till 1.2887 and recovered once again above 1.3000. On the higher side, any close above 1.3000 confirms bullish continuation and a jump till 1.3050/1.3088/13120 likely.
Cable major support is around 1.2950 and any break below will drag the pair down till 1.2900/1.2860.Any short term weakness can be seen only below this level. Any violation below targets 1.2775 (daily Kijun-Sen)/1.2705.
It is good to buy on dips around 1.3000 with SL around 1.2940 for the TP of 1.3080/1.3120.
