Major Support - 1.3070
The pair has lost more than 100 pips from the high of 1.32132 on account of Brexit uncertainty. GBPUSD hits low of 1.30821 and shown a minor recovery. Markets eye BOE monetary policy decision on Thursday and BOE is expected to hike rates by 25 basis point. But BOE will have minimum impact as market expects hard Brexit which will drag the Pound sterling further down.It is currently trading around 1.30980.
Intraday trend is weak as long as resistance 1.3140 (100- H MA) holds. Any break above 1.3140 will take pair to 1.3165/1.3210 (61.8% fibo)/ 1.3260/1.3310. Any close above 1.3300 confirms further bullishness.
The near term support is around 1.3070. Any break below targets 1.3000/1.2950.
It is good to sell on rallies around 1.3135-40 with SL around 1.3175 for the TP of 1.300/1.2955.
