FxWirePro: GBP/USD trades above 1.3400 level on Brexit agreement hopes, good to buy on dips

• Cable has shown a massive recovery from the low of 1.32213 made yesterday on positive Brexit agreement. The pair breaks major resistance at 1.33831 high made on Nov 27th 2017 and jumped till 1.34095 at the time of writing. The main jump in GBP was mainly due to positive progress happening between EU and British negotiators. It is currently trading around 1.34120.
   
• The agreement on divorce bill has reached between EU and British has reached but not decided on the amount UK will pay for exit. The news was flowing in the media that UK is expected to pay around 50bn euros.
   
• The pair was facing strong resistance at 1.3400 and any convincing break above will take the pair to next level till 1.3435/1.3500 level. Short term bullish invalidation only below 1.30280.
   
• On the lower side, near term support is around 1.3350 and any break below will drag the pair to next level till 1.3300/1.3230/1.3175. The minor support is around 1.3375.

It is good to buy on dips around 1.3400 with SL around 1.3350 for the TP of 1.3500.