FxWirePro: GBP/USD Trade Idea

• GBP/USD recovered sharply from intraday low of 1.31705 and hits high of 1.32075. It is currently trading at 1.32038. The major UK economic data released came slightly better than expected. UK services PMI came at 55 in June, strongest expansion since Oct 2017 compared to forecast of 54. The hawkish comments by BOE MPC member Michael Saunders also supporting the price.
   
• Technically near term resistance is around 1.3200 (support turned in to resistance) and any convincing break above will take the pair till 1.3260 (20-day MA)/1.3300. The pair should close well above 1.3300 on daily basis for further jump till 1.3400/1.3465.
   
• On the lower side, near term major support is around 1.315 (trend line support) and any break below will target 1.3100/ 1.3045 (trend line support)/1.3000.

It is good to buy on dips around 1.3198-20 with SL around 1.31480 for the TP of 1.3300.

Resistance

R1- 1.3220
 

R2 –1.3260
 

R3- 1.3300

Support               
 

S1- 1.3150
 

S2-1.3100
 

S3-1.3045