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- GBP/USD has once again declined after showing a slight jump above 1.30280. The pair awaits UK manufacturing production data for further movement.
- UK is busy with lot of economic data to be released today. The major data released today was UK industrial production followed by UK trade balance and construction output data.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%.
- 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 near term support is around 1.2948 (55- day EMA) and any break below will drag the pair till 1.2845 (61.8% fibo).
It is good to sell on rallies around 1.2975-1.2980 with SL around 1.30280 for the TP of 1.2905/1.2847.
