GBP/USD trades weaker, dip till 1.27500 likely

FX:GBPUSD   British Pound / U.S. Dollar
275 0 12
GBP/USD             has shown a minor weakness during Asian session after hawkish Fed. Fed left its interest rates unchanged and probability of June rate hike increased from 70% prior to meeting to 90% after meeting. Cable breaks the major intraday support of 1.2865 low made on May 2nd and is currently trading around 1.28494.

UK Pound failed to benefit from the better than expected construction PMI in addition to the upbeat UK manufacturing PMI. Markets await UK services PMI for further weakness.
The pair is facing major resistance around 1.29655 high made on Apr             28th 2017 and any violation above will take the pair till 1.3000. Bullish continuation can be seen only above 1.3000 level.

On the lower side, near term support is around 1.28500 and any break the support will drag the pair till 1.27549 ( Apr             21st low).

It is good to sell on rallies around 1.28500-1.2855 with SL around 1.2900 for the TP of 1.2780/1.2750.

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