FxWirePro: GBP/USD breaks minor trend line support, dip till 1.3430 likely
Cable continuing it’s down trend and has broken below 1.3500 after a consolidation for the past four trading session. The pair jumped slightly by 15 pips after better than expected UK manufacturing production data releas…
Cable continuing it’s down trend and has broken below 1.3500 after a consolidation for the past four trading session. The pair jumped slightly by 15 pips after better than expected UK manufacturing production data released today. Cable was in corrective mode this week due to restructuring of UK government caused chaos as minister disobeying Theresa May order. The pair declined almost 90 pips this week. It is currently trading around 1.34950.
UK manufacturing production came at 0.4% compared to forecast of 0.3% for the month of Dec.
On the lower side, near term support is around 1.3490 (Jan 3rd 2018 low) and any break below will drag the pair to next level till 1.3430/1.34020 (61.8% retracement). Short term bullish invalidation only below 1.3330.
The near term resistance is around 1.355 and any break above will take the pair to next level till 1.3600/1.3700. Bullish continuation only above 1.3650.
It is good to sell on rallies around 1.3505-1.3510 with SL around 1.355 for the TP of 1.3435/1.3350.
