- Cable hits year high after breaking major resistance of 1.31262 high made on Jul 18th 2017. The pair hits new Year high after dovish statement by U.S Fed.
- Fed kept its interest rate unchanged and decided to maintain its target range for the federal funds rate at 1 to 1.25%. It also mentioned in the statement that Fed is planning to implement balance sheet normalization programme very soon.
- On the higher side, the pair has broken major resistance 1.3130 confirms major trend reversal, a jump till 1.3220/1.3245 (161.8% retracement of 1.31260 and 1.29343). The near term resistance is around 1.3180.
- On the lower side, near term support is around 1.30750 (23.6% retracement of 1.28118 and 1.31586) and any break below will drag the pair till 1.3030 (daily Tenkan-Sen)/1.3000/1.2969 (21- day EMA). The minor support is around 1.3100 (23.6% fibo).
It is good to buy on dips around 1.3100 with SL around 1.3040 for the TP of 1.3245.
