Cable has declined almost 170 pips from the high of 1.34695made previous week. The UK and EU has reached deal for the first phase and next phase is crucial as negotiators move onto the potentially more complicated discus…
Cable has declined almost 170 pips from the high of 1.34695made previous week. The UK and EU has reached deal for the first phase and next phase is crucial as negotiators move onto the potentially more complicated discussion on trade. The pair is trading flat only 25 pips for the day and is currently trading around 1.333549.
UK PM is to meet cabinet ministers on Tuesday regarding how UK trade relations with EU to look like. Any positive move on the next phase will take the pair to year high at 1.35498.
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 1.3382 and any break above will take the pair to next level till 1.3435/1.3470. Bullish continuation only above 1.3550.
It is good to sell on rallies around 1.3500 with SL around 1.3555 for the TP of 1.3300/1.3220.
