GBPUSD has shown a good recovery of more than 100 pips from the low of 1.29795 made yesterday. Bank of England has kept its rate unchanged unanimously at 0.75% as widely expected. Asset purchase target unchanged at GBP 435B. BOE has mentioned that there are indications of “greater than uncertainty “ regarding Brexit.
Cable is facing strong resistance at 1.3090 and any violation above targets 1.31698/1.3192 (100- day MA).
On the lower side, near term support is around 1.2975 and any break below targets 1.2930/1.2900.
It is good to buy on dips around 1.3060-65 with SL 1.2980 for the TP of 1.3155/1.3205.
