FxWirePro: GBP/USD upside capped by 21- day EMA, good to sell on rallies
GBP/USD is consolidating in narrow range between 1.30535 and 1.29397 for the past four trading session. The pair has recovered sharply from the low of 1.2937 on account of weak U.S Inflation data. Market awaits UK CPI da…
GBP/USD is consolidating in narrow range between 1.30535 and 1.29397 for the past four trading session. The pair has recovered sharply from the low of 1.2937 on account of weak U.S Inflation data.
Market awaits UK CPI data to be released tomorrow for further direction.
On the higher side, 1.3033 (21- day EMA) will be acting as near term resistance and any convincing break above will take the pair slightly till 1.3082 (10- day MA)/1.3140 ?(61.8% retracement of 1.32680 and 1.29327). The minor resistance is around 1.2980/1.3000.
The near term support is around 1.2930 (Jul 20th low) and any break below will drag the pair till 1.2845 (61.8% fibo)/1.28120.
It is good to sell on rallies around 1.3025 with SL around 1.3000 for the TP of 1.2847/1.28118.
