Fxwirepro: Gbp/usd Retreats from Higher Levels on Weak Uk Gdp, Good to Sell on Rallies

  • GBP/USD broken the temporary top of 1.29035 high made on Apr 18th 2017 and jumped till 1.29170 yesterday. The pair has close slightly above the high.
     
  • In the European session cable breaks the yesterday high of 1.29170 and jumped till 1.29566 at the time of writing.  It is currently trading around 1.29446.
     
  • The pair shown minor weakness as UK GDP growth slows to 0.3% in Q1.Quarterly GDP growth moderated to 0.3% in the three months from 0.7%.
     
  • On the lower side, near term support is around 1.2900 (23.6% retracement of 1.27549 and 1.29566) and nay break below targets 1.2850 (100 – H EMA)/1.281 (200- H MA).

    It is good to sell on rallies around 1.2940-45 with SL around 1.3000 for the TP of 1.2850/1.2800

The material has been provided by InstaForex Company – www.instaforex.com

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