GBP/USD breaks psychological support at 1.3000, targets 1.2860
Cable has broken major psychological at 1.3000 even after better than expected U.K retail sales. U.K retail sales rebounded sharply by 0.6% compared to forecast of 0.4%. The rise in retail sales was mainly due to hot weather which increased the sales in clothing and compensated the decline in food, fuel sales. The pair declined till 1.29500 at the time of writing. It is currently trading around 1.29535.
On the higher side, the pair is facing major resistance around 1.3130 and any break above confirms bullish continuation. The near term resistance is around 1.3000/1.30618.
On the lower side, near term support is around 1.2960 (10- day MA) and any break below will drag the pair till 1.2857 (daily Kijun-Sen)/1.28118 (Jul 12th low).
It is good to sell on rallies around 1.2955-1.2960 with SL around 1.3005 for the TP of 1.2860/1.2820.
On the higher side, the pair is facing major resistance around 1.3130 and any break above confirms bullish continuation. The near term resistance is around 1.3000/1.30618.
On the lower side, near term support is around 1.2960 (10- day MA) and any break below will drag the pair till 1.2857 (daily Kijun-Sen)/1.28118 (Jul 12th low).
It is good to sell on rallies around 1.2955-1.2960 with SL around 1.3005 for the TP of 1.2860/1.2820.