FxWirePro: GBP/USD trades higher on declining US-UK 10 year yield spread, good to buy on dips

• GBP/USD shown a minor recovery from the low of 1.28425 as U.K retail sales volume grew faster than expected during July. Retail sales m/m rose 0.3% compared to forecast of 0.2%.
   
• The pair jumped till 1.29090 yesterday and is currently trading around 1.28945. The US –UK 10 year bond yield spread narrowed down to 110 basis point. So slight jump in cable is possible.
   
• The intraday trend is still bullish as long as support 1.2845 holds. On the lower side, any break below 1.28425 will drag the pair down till 1.28110 (Jul 12th 2017 low)/1.27680.
   
• Overall minor bullishness can be seen only if the pair closes above 1.3000 level. Any break above 1.3030 will take the pair till 1.3075/1.3100.

It is good to buy on dips around 1.2890-1.2895 with SL around 1.28450 for the TP of 1.29980