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FxWirePro: GBP/USD trading low, good to sell on rallies

  • GBPUSD has shown a decline after a minor jump above 1.3400 level. The decline was mainly due to strong US dollar index.  DXY recovered marginally and is near recent high. Any break above 94.20 confirms further bullishness .Cable hits intraday low of 1.3322 and is currently trading around 1.3348.
     
  • UK Q1 GDP second reading cam in line with estimate. It came at 0.1% compared to forecast of 0.1%.       The household spending came at 0.2% q/q, weakest reading since Q4 2014 and YOY it came at 1.1% weakest since Q1 2012.
     
  • The pair declines sharply from high of 1.34216 and near term resistance is around 1.3462 (10- day MA) any break above will take the pair to next level till 1.3530 (20- day MA)/ 1.3620. 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 sell on rallies around 1.3365-70 with SL around 1.3420 for the TP of 1.3300/1.3230

 

 

 

 

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