FxWirePro: GBP/USD hits fresh year high, good to buy on dips
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 …
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.
