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FxWirePro: GBP/USD Trade Idea

  • Cable has shown a jump of almost 100 pips till 1.39120 yesterday from the low of 1.38461. The pair is still trading weak and hits intraday low of 1.38599 and is currently trading around 1.38758.
     
  • USD gained strength against all majors due to easing tensions over the Trump’s trade war. The import tariff on steel/ aluminum product will exclude few countries such as Canada and Mexico has supported price of dollar. US economy has added 235k private jobs for the month of Feb compared to forecast of 200k. Market awaits US initial jobless claims data to be released today.
     
  • Technically on the lower side, near term support is around 1.3835 (20- 4H MA) and any break below will drag the pair down till 1.3800/1.3760/1.3700. 
     
  • The near term resistance is around 1.3920 (trend line resistance) and break above will take the pair till 1.3960/1.4000. The pair should break above 1.4070 for further upside.

It is good to sell on rallies around 1.3885-90 with SL around 1.3950 for the TP of 1.3760/1.3700.

Resistance
 

R1-1.3920
 

R2 – 1.3960
 

R3-1.4000

Support               
 

S1-1.3835
 

S2-1.3800
 

S3- 1.3760

 

 

 

 

 

 

 

 

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