Short-term view-
The pair spiked to a 6-week high trading at 0.8012 in the Pacific session. GBP drifted to lower levels after the soft UK data. The pair has a strong resistance zone between 0.8026-0.8034, above this, it can extend its journey up to 0.8080 (20WSma). We can expect a short-term reversal, if the pair closes above 0.8080 for an upside targets at 0.8122 and 0.8150 levels. The weekly RSI suggests buying the dip with the recent low as sl.
Support 0.7965 0.7873 0.7757
Resistance 0.8026 0.8034 0.8080
Buy only above 0.8035 for a target at 0.8080
Intraday cmp 0.8012
The pair is trading above the key hourly moving averages. For an hourly trading basis, the safe buy will be triggered only above 0.8020 levels. On the down side, it has support at 0.80. We recommend selling below 0.80 for a downside target at 0.79877, 0.7978 and 0.79660. The panic will be triggered below 0.7966 towards 0.7923 and 0.7915 levels.
Support 0.80 0.7987 0.7966
Resistance 0.8020 0.8025 0.8035
The material has been provided by InstaForex Company - www.instaforex.com
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