- Cable formed a minor bottom around 1.28500 yesterday and jumped sharply till 1.29475. The pair has taken support cloud bottom and is currently trading around 1.29675.
- The pair has shown a jump from 1.29053 after better than expected UK Manufacturing PMI data. UK manufacturing data came at 56.7 compared to forecast of 55.
- The pair’s near term resistance is around 1.29380 and any break above will take the pair to next level till 1.29785 and 1.3000/1.3030. It should break above 1.3050 for further upside.
- Cable is trading in narrow channel and any break above upper channel resistance at 1.29665 will confirm minor bullish continuation.
- On the lower side, near term support stands at 1.2850 (cloud bottom in daily c hart) and any break below will drag the pair down till 1.2800/1.27730. Cable further selling can be seen only below 1.27700.
It is good to buy on dips around 1.2855-60 with SL around 1.2800 for the TP of 1.29380/1.2975.
Resistance
R1- 1.29380
R2 1.29785
R3- 1.3000
Support
S1-1.2850
S2-1.2800
S3-1.2770
