Cable is consolidating in narrow range between 1.35194 and 1.33029 for the past 8 trading session. The first round of Brexit talks got over in previous week and next phase of trade negotiations talks is expected to happe…
Cable is consolidating in narrow range between 1.35194 and 1.33029 for the past 8 trading session. The first round of Brexit talks got over in previous week and next phase of trade negotiations talks is expected to happen this week. The pair has recovered almost 100 pips from the low of 1.33029 made on Dec 15th 2017 and is currently trading around 1.33984.
The 300 old dispute between Spain and UK over a small piece of land Gibraltar is expected to drag the further trade negotiations. Markets awaits BOE Governor Carney speech before parliament and US existing home sales.
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 1.3420 (trend line joining 1.35204 and 1.34654) and any break above will take the pair to next level till 1.3470/1.3520. Bullish continuation only above 1.3550.
It is good to buy above 1.3410 with SL around 1.3350 for the TP of 1.3500/1.3545.
