- GBP/USD has once again declined after showing a slight jump above 1.3000 yesterday. U.S CPI data for further direction.
- UK economic data released yesterday was mixed with manufacturing and industrial data came better than expected. UK manufacturing production came at 0.0% vs. decline of 0.2% drop in May and industrial production rose 0.5% m/m compared to forecast of 0.1%. UK Trade deficit widens to 8-month high as fall in Sterling fails to improve export sales.
- On the higher side, 1.30280 (23.6% retracement of 1.2680 and 1.29527) will be acting as near term resistance and any break above will take the pair slightly till 1.3042 (21- day EMA)/1.30750/1.310 (10- day MA). The minor resistance is around 1.2980/1.3000.
- The near term support is around 1.2949 (55- day EMA) and any break below will drag the pair till 1.2845 (61.8% fibo)/1.28120.
It is good to sell below 1.2950 with SL around 1.3000 for the TP of 1.2847/1.28118.