• GBP/USD has declined almost 100 pips for the day after weaker than expected UK manufacturing production data. UK manufacturing production data came at -1.4.% for the month of May compared to forecast of  0.3%. The weak UK economic data shows that chance of rat hike by BOE is less. It hits low of 1.33449 and is currently trading around 1.33845.
   
• The pair recovered sharply from low of 1.32043 made on May 29th 2018 and jumped nearly 200 pips from its low. The near term resistance is around 1.3390 (20- day MA) any break above will take the pair to next level till 1.3460 (trend line resistance)/ 1.3516 (34- day EMA)/1.3590. Short term trend is still weak as long as resistance 1.3620 holds. Any break above 1.3620 will take the pair till 1.3680/1.3760.
   
• The major support is around 1.3300 and any break below will drag the pair down till 1.3230/1.3200.
  
  It is good to buy on dips around 1.3300 with SL around 1.3245 for the TP of 1.3415/1.3460.