FxWirePro: GBP/USD trades higher, further jump above 1.4000

• Cable has jumped sharply yesterday almost more than 100 pips yesterday due to slight weakness in US dollar index. US dollar was trading lower against all majors yesterday after in line with estimate US CPI data and due to removal of US Secretary of State by Trump. According to Politico President Donald Trump is expected to impose package of tariffs to China almost of $30 billion. The apir hits intraday high of 1.39957 and is currently trading around 1.39621.
   
• UK budget report shows that overall economic outlook has been upgraded and debt as proportion of GDP is expected to fall further. Major economic data to be released is US PPI at 12:30 GMT and retail sales.      
   
• Technically on the lower side, near term support is around 1.3930 and any break below will drag the pair down till 1.3860/1.3800. 
   
• The near term resistance is around 1.4000 and break above will take the pair till 1.4070/1.4140. The pair should break above 1.4070 for further upside.

It is good to buy on dips around 1.3945-50 with SL around 1.3900 for the TP of 1.4070.