Potential Reversal Zone (PRZ) – 1.29300
GBP/USD has shown a huge decline from the high made at 1.3268 after dovish BOE. The pair hits the low of 1.30248. It is currently trading around 1.30517.
The pair is to form potential pattern and potential reversal zone is at 1.2930. Any major weakness can be seen only below that level.
On the higher side, near term resistance is around 1.30830 (23.6% retracement of 1.32680 and 1.30250) and any break above will take the pair till 1.3160/1.3220.
The near term support is around 1.3000 and any break below will drag the pair till 1.2930. Major weakness can be seen below 1.2930.
It is good to buy on dips around 1.3005 with SL around 1.2930 for the TP of 1.3160/1.3220.