FxWirePro: GBP/USD hits 9- day low, good to sell on rallies
Cable hits 9- day low of at 1.30878 yesterday on account of weak UK retail sales and strong dollar after US senate approves democratic budget. US senate approved a budget blue print for 2018 fiscal which will pave way fo…
Cable hits 9- day low of at 1.30878 yesterday on account of weak UK retail sales and strong dollar after US senate approves democratic budget. US senate approved a budget blue print for 2018 fiscal which will pave way for for Republicans to pursue a tax-cut package without Democratic support.It is currently trading around 1.31320.
The near term major resistance is around 1.3148 (233-6 H MA) and any break above will take the pair to next level till 1.3180/1.3230.
On the lower side, 1.3075 will be acting as major support and any break below will drag the pair down till 1.30270 /1.3000 level. Bearish continuation can be seen only below 1.3030.
It is good to sell on rallies around 1.3175-80 with SL around 1.3230 for the TP of 1.3075/1.3030.
