• GBP has shown a major decline after hitting high of 1.30245 after weaker than expected UK manufacturing PMI data yesterday. The pair declined till 1.29321 and is currently trading around 1.29446.
   
• Markit UK manufacturing PMI came at 54.3points in June as compared to forecast of 56.3 lowest in three months. Market awaits UK construction PMI which is to be released for further direction.
   
• The pair should break above 1.3050 for further bullishness. Any violation above 1.3050 will take the pair till 1.3110 (113% retracement of 1.30475 and 1.25894)/1.3150/1.33150 (88.6% retracement of 1.3440 and 1.19040).
   
• On the lower side, near term minor support is around 1.29250 (23.6% retracement of 1.25895 and 1.30298) and any break below will drag the pair down till 1.2839 (21- day EMA)/1.2810 (daily Kijun-Sen) .
  
  It is good to sell on rallies around 1.2965-1.2970 with SL around 1.3030 for the TP of 1.2845/1.2810.