FxWirePro: Cable breaks major support at 1.2900 after weak U.K data, dip till 1.2800 likely
GBP has shown a major decline after forming showing a jump till 1.29836 yesterday on account weak UK economic data. The pair has declined slightly below major support 1.2900 and is currently trading around 1.29017. UK in…
GBP has shown a major decline after forming showing a jump till 1.29836 yesterday on account weak UK economic data. The pair has declined slightly below major support 1.2900 and is currently trading around 1.29017.
UK industrial and manufacturing production came at lesser than forecast. The data came at -0.1% compared to forecast of 0.4% rise.
The pair should break above 1.3050 for further bullishness. Any violation above 1.3050 will take the pair till 1.3110 (113% retracement of 1.30475 and 1.25894)/1.3150/1.33150 (88.6% retracement of 1.3440 and 1.19040). The minor resistance is around 1.29780/1.3030.
On the lower side, near term minor support is around 1.2900 and any break below will drag the pair down till 1.2846 (21- day EMA)/1.2810 (daily Kijun-Sen)/1.2758 .
It is good to sell on rallies around 1.2910-1.2915 with SL around 1.2980 for the TP of 1.2845/1.2810/1.2750.
