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- Cable declined till 1.3800 after breaking major support at 1.38600 after release of better than expected US inflation data. The pair took support near trend lien and shown a huge recovery from that level.
- US CPI came at 0.5% for the month of Jan compared to forecast of 0.3%. Market awaits US PPI and empire state and Philly fed manufacturing data for further direction.
- Technically on the lower side, near term support is around 1.39200 and any break below will drag the pair down till 1.38600/1.3800/1.37600 (Feb 9th low).
- The near term resistance is around 1.40671 (Feb 8th 2018 high) and break above will take the pair till 1.41250/1.42880.
It is good to buy on dips around 1.4000 with SL around 1.3920 for the TP of 1.4125/1.4288
