GBP/USD forms bullish MA crossover, good to buy on dips
Major resistance – 1.3185
Cable clocked a fresh two-week high at 1.31853 at the time of writing after better than expected UK economic data.
The pair has formed bullish MA crossover in the daily chart 5 –day MA and 10- day MA cross over. It is currently trading around 1.3275.
It should close below 1.3100 (21 –day MA) for intraday weakness .Any break below 1.3100 will drag the pair till 1.3010 (10 day MA)/1.2960.
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
Cable clocked a fresh two-week high at 1.31853 at the time of writing after better than expected UK economic data.
The pair has formed bullish MA crossover in the daily chart 5 –day MA and 10- day MA cross over. It is currently trading around 1.3275.
It should close below 1.3100 (21 –day MA) for intraday weakness .Any break below 1.3100 will drag the pair till 1.3010 (10 day MA)/1.2960.
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
