FxWirePro: GBP/USD declined sharply after slightly dovish comments from Carney, good to sell on rallies

• Cable has shown a slight jump in European session after better than UK inflation data. Britain’s inflation rose to 3% Y-O-Y in Sep compared to 2.9% previous month. But Retail Price Index rose only 0.1% compared to forecast of 0.3%.  The inflation was well above BOE forecast of 2%. So this increase chance of rate hike in Nov.
   
• But BOE Governor Mark Carney expressed less willingness to hike interest rate in Nov and this dragged the pair down below 1.3200 and is currently trading around 1.31950.
   
• The near term major resistance is around 1.3325 (20- day MA) and any break above will take the pair to next level till 1.3400/1.3420/1.3460. The minor resistance is around 1.3300.
   
• On the lower side, 1.3180 will be acting as major support and any break below will drag the pair down till 1.3120/1.30750 level. Bearish continuation can be seen only below 1.3030.

It is good to buy on dips around 1.3180 with SL around 1.3120 for the TP of 1.3320/1.3400.