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FxWirePro: GBP/USD trades slightly higher on hopes of delayed Brexit,good to buy on dips

GBPUSD has rebounded sharply after massive sell-off till 1.26615. The pair was showing selling pressure after The House of Common rejected May Brexit deal 432 to 200 was more severe than anticipated and this has opened possibility of a no- deal Brexit. But UK government survived no confidence vote after historic Brexit defeat. Theresa May won in narrow margin 325 votes to 306 votes. The pair hits intraday high of 1.29102 and is currently trading around 1.28929.

 

UK CPI data came slightly weaker than estimate. CPI data eases to 2.1% y/y down from 2.3% previous month.

 

On the higher side, any break above 1.2930 confirms minor bullishness and a jump till 1.2965/1.3000 is likely.

 

The near term support is around 1.2800 and any violation below targets 1.2760/1.2700. Any bearish continuation only below 1.2660.

 

It is good to buy on dip around 1.2875-80 with SL around 1.2830 for the TP of 1.3000.

 

 

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July 2 15:00 UTC Released

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