- Cable has declined slightly after showing a minor jump till 1.33682 at the time of writing on account t of weaker than expected UK jobs data. UK claimant counts rose 5.9k compared to forecast of 3.2k. But average weekly earnings slightly rose to 2.3% vs forecast of 2.2% but still well below inflation 3.1%. The pair declined till slightly after a sudden spike and is currently trading around 1.33468.
- Market await BOE monetary policy meeting and US FOMC meeting for further direction.
- On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
- The near term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3680. The minor resistance is around 1.3380/1.3435.
It is good to buy on dips around 1.3300 with SL around 1.32300 for the TP of 1.3545/1.3600.
