GBP/USD downside capped by 4H Kijun-Sen, good to buy on dips
Cable declined sharply after hitting a high of 1.29785 yesterday. The pair dipped till 1.29034 and is currently trading around 1.29315.
Market awaits US ADP employment and prelim GDP data for further direction. Any positive surprise in the data will drag the GBP further down.
On the lower side, 12860-1.2840 (200- H MA and 61.8% retracement) and any break below will drag the pair down till 1.2810/1.27738 (Aug 24th 2017 low). Any break below 1.27738 confirms further weakness.
The near term resistance is around 1.2938 (hourly Tenkan-Sen) and any break above will take the pair till 1.29785/1.3000/1.3030.
It is good to buy on dips around 1.2925-30 with SL around 1.2880 for the TP of 1.2995/1.3030.
Market awaits US ADP employment and prelim GDP data for further direction. Any positive surprise in the data will drag the GBP further down.
On the lower side, 12860-1.2840 (200- H MA and 61.8% retracement) and any break below will drag the pair down till 1.2810/1.27738 (Aug 24th 2017 low). Any break below 1.27738 confirms further weakness.
The near term resistance is around 1.2938 (hourly Tenkan-Sen) and any break above will take the pair till 1.29785/1.3000/1.3030.
It is good to buy on dips around 1.2925-30 with SL around 1.2880 for the TP of 1.2995/1.3030.
