FxWirePro: GBP/USD trades lower on weaker services PMI, good to sell on rallies
Major resistance- 1.4100. Cable has declined almost 72 pips from the high of 1.40970 after weak UK economic data. The pair hits low of 1.40241 and is currently trading around 1.40266. UK services PMI dipped to 51.7 in Ma…
Cable has declined almost 72 pips from the high of 1.40970 after weak UK economic data. The pair hits low of 1.40241 and is currently trading around 1.40266. UK services PMI dipped to 51.7 in Mar compared to 54.5 in Mar lowest level in 20 years. It is currently trading around 1.40276.
Market eyes US jobless claims data which is to be released today for further direction.
Technically on the lower side, near term support is around 1.40150-20 (20- day MA) and any break below will drag the pair down till 1.39825/1.3925.
The near term resistance is around 1.4100 and break above will take the pair till 1.4150/1.4220/1.4245. The pair should break above 1.4250 for further upside.
It is good to sell on rallies around 1.4045-50 with SL around 1.4100 for the TP of 1.398/1.3925.
