• 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.

     

    Resistance

     

    R1- 1.3175
     

    R2 - 1.3235

    R3- 1.3300


    Support               

     

    S1- 1.3096


    S2- 1.3030

     

    S3- 1.3000

     

     

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