FxWirePro: GBP/USD trade idea

• Cable declined sharply after hitting high of 1.32667 on account of dovish BOE. BOE has kept its interest rates unchanged and lowers CPI /GDP forecast. The pair declined till 1.31210 and is currently trading around 1.31260.
   
• On the higher side, the pair is facing major resistance 1.32781 (161.8% retracement of 1.27747 and 1.19860) and break above targets 1.3300/1.3350.
   
• The pair near term support is around at 1.3160 5- day MA and any break below will drag the pair till 1.3097 (10- day MA)/1.3047 (21- day EMA)/1.3000.

It is good to sell on rallies around 1.3160-1.3165 with SL around 1.3225 for the TP of 1.3060/1.3000.

Resistance
                   

R1- 1.32780

 

R2 -1.3300
 

R3- 1.3350
 

Support   
 

S1-1.3160
 

S2-1.3097
 

S3-1.3040