FxWirePro: GBP/USD Trade Idea

• Cable has broken high of 1.32241 made on Sep 8th 2017 and is trading near year high (1.32680) on account of better than expected UK CPI data.
   
• UK CPI data m/m came at 0.6% compared to forecast of 0.5% and core CPI Y-Y is around 2.7% vs forecast of 2.5%. The rise in UK CPI has increased chance of rate hike by BOE.
   
• The pair has broken major resistance of 1.32680 high made on Aug 3rd 2017 and jumped slightly till 1.32729 at the time of writing. Any break above 1.32680 confirms major bullishness, a jump till 1.3300/1.3345/1.3400 likely.
   
• On the lower side, minor weakness can be seen only below 1.31600 and any violation below will drag the pair down till 1.30950/1.3050/1.3000. Bearish continuation can be seen below 1.28500.

It is good to buy on dips around 1.3260-65 with SL around 1.3200 for the TP of 1.3345/1.3400

Resistance
               

R1- 1.3300

R2 1.3345
 

R3-1.3400
 

Support               
 

S1-1.3200
 

S2-1.3160
 

S3-1.3095