FxWirePro: GBP/USD trade Idea

GBPUSD has shown a good bounce of more than 100 pips from low of 1.28270 made yesterday. The jump was mainly due to slight profit booking in USD and mixed UK jobs data. UK economy has added lesser than expected jobs and unemployment rate came at 4.1% compared to forecast of 4%. But wage growth has shown good jump of 3% compared to previous 2.8%. The pair hits high of 1.29593 and is currently trading around 1.29444.

UK PM May said that the Brexit negotiations are at “endgame” and uncertainty in Brexit deal is putting pressure on GBP.

ON the higher side, any convincing break above 1.2920 will take the pair to next level till 1.2965/1.300. The pair should break above 1.3050 for further upside till 1.3175. it should break above 1.3300 for further bullishness.

The near term support is around 1.2865 and any break below targets 1.2820/1.2780 level. The pair major support is around 1.2660.

It is good to buy on dips around 1.2865-68 with SL around 1.2820 for the TP of 1.3000.

Resistance

R1- 1.2965

R2 - 1.3000

R3- 1.3050

Support               

S1- 1.2860

S2- 1.2820

S3- 1.2780