FxWirePro: GBP/USD trade idea
Source: FxWire Pro - Technicals / 17 Oct 2018 13:59:27 America/New_York
GBPUSD was trading lower and lost more than 50 pips after weaker than expected UK CPI data. UK CPI came at 2.6% YOY compared to forecast of 2.4%. Markets eye EU Brexit summit today for further direction. The pair hits low of 1.31240 and is currently trading around 1.3129.
On the higher side, near term resistance is around 1.3230 and any break above targets 1.32578/1.3300. it should break above 1.3300 for further upside. The near term minor resistance is around 1.3175/1.3215.
The near term support is around 1.30963 (100- day MA) and any convincing break below targets 1.3030/1.3000.
It is good to sell on rallies around 1.3175-80 with SL around 1.3235 for the TP of 1.3000.
R2 - 1.3235
S3- 1.3000© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.