FxWirePro: GBPUSD trade Idea

• Cable has shown a good recovery after hitting low of 1.3889 on Friday. The pair has broken major trend line resistance at 1.39760 and jump almost 30 pips from that level.US dollar pared all its gain made today morning and showing a minor weakness against all majors.  The pair hits high of 1.40719 and is currently trading around 1.40635.
   
• Markets eyes US Fed monetary policy meeting which is to be released on Wed for further direction.
   
• Technically on the lower side, near term support is around 1.3940 (5- day MA) and any break below will drag the pair down till 1.3860/1.3800. 
   
• The near term resistance is around 1.4030 and break above will take the pair till 1.4070/1.4140. The pair should break above 1.4070 for further upside.

It is good to buy on dips around 1.4030 with SL around 1.3980 for the TP of 1.4140.

Resistance
 

R1-1.4070
 

R2 – 1.4140
 

R3-1.4200

Support               
 

S1-1.3980
 

S2-1.3900
 

S3- 1.3880