GBPUSD was trading lower and lost more than 50 pips after weaker than expected UK retail sales and Brexit summit failure. UK retail sales declined -0.8% over the month in Sep. The major reason for the slump is Brexit summit in which EU officials said that there will no plans for Brexit November summit as no enough progress in talks so far. The pair hits low of 1.30940 and is currently trading around 1.31035.
On the higher side, near term resistance is around 1.3140 and any break above targets 1.3175/1.3235. It should break above 1.3300 for further upside. The near term minor resistance is around 1.3175/1.3215.
The near term support is around 1.3070 (200- 4H MA) and any convincing break below targets 1.3030/1.3000.
It is good to sell on rallies around 1.3175-80 with SL around 1.3235 for the TP of 1.3000.
