FxWirePro: GBP/USD upside capped by 20- day MA, good to buy on dips
GBP/USD has shown a nice jump of more than 200 pips from 7- month low of 1.3100 made yesterday. BOE has kept its interest rates unchanged but hawkish surprise came from MPC vote count which raised odds of Aug rate hike.T…
GBP/USD has shown a nice jump of more than 200 pips from 7- month low of 1.3100 made yesterday. BOE has kept its interest rates unchanged but hawkish surprise came from MPC vote count which raised odds of Aug rate hike.Theresa May survivesBrexit vote in parliment and UK government doesn’t want any messy Brexit to materialize. US Philidelphia manfufacturingreading came at 19.9 lowest since Aug 2016.
Technically the pair has jumped slightly above 1.3300. The pair should close well above 1.3300 on dalily basis for further jump till 1.3470/1.350.
On the lower side, near term major support is around 1.3200 and any break below will 1.3100/1.3045 (trend line support)/1.3000.
It is good to buy on dips around 1.3255-60 with SL around 1.3200 for the TP of 1.3470.
