FxWirePro: GBP/USD breaks above 1.2520, jump till 1.27060 likely
Cable breaks 1-1/2 month high at the time of writing on account of formal triggering of article 50 on Wed. UK CPI which came earlier shows that consumer inflation jumps from 1.8% to 2.3% highest since Sep 2013. U.K retai…
Cable breaks 1-1/2 month high at the time of writing on account of formal triggering of article 50 on Wed.
UK CPI which came earlier shows that consumer inflation jumps from 1.8% to 2.3% highest since Sep 2013.
U.K retail sales rebound by 1.4% in Feb after three consecutive monthly declines. This data shows that economy is holding up and inflation back above 2% may increase expectations that BOE may raise interest rates .
Technically, the pair breaks major resistance around 1.2580 and jumped till 1.25974 at the time of writing. It is currently trading around 1.25885.
On the lower side, 1.2520 (resistance turned into support) will be acting as near term support and any break below will drag the pair down till 1.2460/1.2420.
Any break above 1.25820 confirms minor bullishness , a jump till 1.2706 (Feb 2nd 2017 high).
It is good to buy on dips around 1.2580 with SL around 1.2520 for the TP of 1.2706.
