FxWirePro: GBP/USD trades lower on Brexit uncertainty, good to sell on rallies
GBP/USD declined sharply Fridays high of 1.32135 and hits low 1.31445. It is currently trading well below 1.3200 level. The major UK economic data released came slightly better than expected. UK manufacturing PMI came at…
GBP/USD declined sharply Fridays high of 1.32135 and hits low 1.31445. It is currently trading well below 1.3200 level. The major UK economic data released came slightly better than expected. UK manufacturing PMI came at 54.4 for the month of Jun compared to forecast of 54.. The EU summits got over without any conclusions on Brexit. The border between British province of Northern Ireland and the Irish republic is most important problem in brexit is still open. It is currently trading around 1.31608.
Technically near term resistance is around 1.3200 (support turned in to resistance) and any break above will take the pair till 1.3279 (20-day MA). The pair should close well above 1.3280 on daily basis for further jump till 1.340/1.3470/1.350.
On the lower side, near term major support is around 1.3060 and any break below will 1.3045 (trend line support)/1.3000.
It is good to sell on rallies around 1.3205 with SL around 1.3285 for the TP of 1.3000.
