FxWirePro: GBP/USD declines after weaker UK CPI data, good to buy on dips
Cable has dipped slightly after hitting fresh 2017 high at 1.31139 yesterday. The pair declined till 1.30158 after weaker than expected UK CPI data. . UK inflation came at 2.6% compared to forecast of 2.9% It is currentl…
Cable has dipped slightly after hitting fresh 2017 high at 1.31139 yesterday. The pair declined till 1.30158 after weaker than expected UK CPI data. . UK inflation came at 2.6% compared to forecast of 2.9% It is currently trading around 1.30408.The pair jumped slightly above yesterday high and hits 1.3125 level today.
Two Republican senators collapses Trump health care bill. The opposition from within trump’s party leaves fatally wounded the health care bill of Trump to replace Obama care. USD declined sharply against all major after health care bill delayed.
On the higher side, the pair is facing minor resistance around 1.3130 and any break above will target 1.3200 level.
On the lower side, near term support is around 1.3000 and any break below will drag the pair till 1.2965 (daily Tenkan-Sen)/1.29350 (61.8% retracement of 1.28118 and 1.31250).
It is good to buy on dips 1.3000 with SL around 1.2960 for the TP of 1.3100/1.3125.
