FxWirePro: GBP/USD forms Bearish pattern, good to sell on rallies
Harmonic pattern formed – Bearish AB=CD pattern. Cable has shown a huge recovery from the low of 1.30270 made on Oct 6th 2017. The pair jumped almost 0.50% yesterday after better than expected UK’S industrial and manufac…
Cable has shown a huge recovery from the low of 1.30270 made on Oct 6th 2017. The pair jumped almost 0.50% yesterday after better than expected UK’S industrial and manufacturing data.
The Britain’s manufacturing production rose 0.4% on a monthly basis in Aug beating market forecast of 0.2%. UK’ industrial production recorded a rise of 0.2% MOM in Aug in line with market expectations.
The pair hits high of 1.32257 yesterday and has shown a minor decline from that level. Any break above 1.32300 (55- 4H EMA and support turned into resistance) confirms minor bullishness, a jump till 1.3300/1.3350 likely.
On the lower side, near term support is around 1.3169 (233- 4H MA) and any break below will drag the pair to next level till 1.3130/1.3075.
Market awaits US Fed minutes meeting today for further direction.
It is good to sell on rallies around 1.3225-1.3230 with SL around 1.3280 for the TP of 1.3130/1.3075.
