GBP/USD has once again declined after showing a slight jump above 1.3000 yesterday. U.S CPI data for further direction. UK economic data released yesterday was mixed with manufacturing and industrial data came better tha…
GBP/USD has once again declined after showing a slight jump above 1.3000 yesterday. U.S CPI data for further direction.
UK economic data released yesterday was mixed with manufacturing and industrial data came better than expected. UK manufacturing production came at 0.0% vs. decline of 0.2% drop in May and industrial production rose 0.5% m/m compared to forecast of 0.1%. UK Trade deficit widens to 8-month high as fall in Sterling fails to improve export sales.
On the higher side, 1.30280 (23.6% retracement of 1.2680 and 1.29527) will be acting as near term resistance and any break above will take the pair slightly till 1.3042 (21- day EMA)/1.30750/1.310 (10- day MA). The minor resistance is around 1.2980/1.3000.
The near term support is around 1.2949 (55- day EMA) and any break below will drag the pair till 1.2845 (61.8% fibo)/1.28120.
It is good to sell below 1.2950 with SL around 1.3000 for the TP of 1.2847/1.28118.
