• FxWirePro: GBP/USD trades well above 20- day ma, jump till 1.3325 is likely    

    Source: FxWire Pro - Technicals / 16 Jul 2018 05:55:37   America/New_York

    • GBP/USD`has shown a massive recovery of more than 150 pips from yesterday’s low of 1.31025. Cable has shown a huge decline on Friday after Donald Trump mentioned in the Sun interview that UK PM Theresa May soft Brexit plan will kill the bilateral trade between US and UK. But in the press conference with UK PM May he said US will welcome trade talks with UK post -Brexit and pound sterling recovered strongly after the meeting.The pair hits intraday high of 1.32595 and is currently trading around 1.32500.Markets eyes major UK economic data such as UK CPI and jobs data which is to be released this week for further direction.
       
    • Technically near term resistance is around 1.3270 (trend line resistance) and any convincing break above will take the pair till 1.3305/1.33625 (Jul 9th 2018 high). The pair should close well above 1.3300 on daily basis for bullish continuation.
       
    • On the lower side, near term major support is around 1.3200 and any break below will target 1.3150/1.3100.

      It is good to buy on dips around  with SL around 1.3210 for the TP of 1.3050/1.3000.

     

     

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