Cable jumped sharply till 1.35195 from the low of 1.3319 made on Dec 7th 2017. The pair declined slightly after UK BCC warns Brexit uncertainties. GBP/USED dipped till 1.3355 and is currently trading around 1.33752. UK B…
Cable jumped sharply till 1.35195 from the low of 1.3319 made on Dec 7th 2017. The pair declined slightly after UK BCC warns Brexit uncertainties. GBP/USED dipped till 1.3355 and is currently trading around 1.33752.
UK British Chambers of Commerce has downgraded the growth forecasts for the UK economy. The growth is expected to slow down to 1.1% in 2018 compared to forecast of 1.2%.
Market await UK CPI data which is to be released tomorrow and UK jobs data on Wed, BOE monetary policy meeting for further direction.
On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
The near term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3680.
It is good to buy on dips around 1.3300 with SL around 1.32300 for the TP of 1.3545/1.3600.
