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Long

GBP/USD takes support near 10-day MA, good to buy on dips

FX:GBPUSD   British Pound/U.S. Dollar
238 0 15
Major support – 1.3012 (10 day MA) .

Cable clocked a fresh two week high at 1.31853 on Friday and started to decline from that level.

The pair has declined till 1.30228 and taken support near 10 – day MA. It is currently trading around 1.31099.

It should close below 1.3012 (10 –day MA) for major weakness .Any break below 1.3100 will drag the pair till 1.2960/1.2855.

On the higher side, the pair should break above 1.3185 and any comfortable break above that level will take the pair to next level till 1.3310 (23.6% retracement of 1.51086 and 1.27893).

It is good to buy on dips around 1.3085-.3090 with SL around 1.3010 for the TP of 1.3185/1.3310
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