•  GBP/USD has shown a minor recovery after     hitting low of 1.29575 yesterday. The minor recovery happened after Donald Trump comment on Fed rising interest rates.He said he's "not thrilled" with rate hikes and worries that the work the administration has done will be nullified.The pair has lost more than 300 pips this week on account of weaker than expected UK economic data. UK CPI, wage growth and UK retail sales came well below estimates. It would dampen the chance of rate hike in August.
      
• Technically near term resistance is around 1.3100 (support turned into resistance) and any convincing break above will take the pair till 1.31500/1.3200 (5- day MA). The pair should close well above 1.3300 on daily basis for bullish continuation.
   
• On the lower side, near term major support is around 1.3000 and any close break below will target 1.2900/1.2850.
  
  It is good to sell on rallies around 1.3045-50 with SL around 1.3100 for the TP of 1.2800.