GBP/USD Trade Idea

GBP/USD has made a high of 1.51250 and declined from that level after release of weaker than expected UK Manufacturing PMI.

• UK Manufacturing PMI fell to a seasonal adjusted   52.7 in Nov compared to forecast of 53.6.
• Technically the pair is facing strong resistance around 1.5130 and break above will take the pair to new level.
• On the downside minor support is around 1.5050 and break below targets 1.5000/1.4980.

It is good to buy at dips around 1.5050 with SL around 1.4980 for the TP of 1.5150/1.5220.

Resistance

R1-1.5130

R2-1.5160

R3-1.5220

Support

S1-1.5050

S2-1.5000

S3-1.4980