FxWirePro: GBP/USD trades below 1.3500 level, dip till 1.3435 likely
Cable is consolidating after hitting low of 1.34735 yesterday. The pair jumped slightly by 25 pips afrom yesterday low. Cable was in corrective mode this week on slightly weaker economic data. The pair declined below 1.3…
Cable is consolidating after hitting low of 1.34735 yesterday. The pair jumped slightly by 25 pips afrom yesterday low. Cable was in corrective mode this week on slightly weaker economic data. The pair declined below 1.3500 on weaker than expected trade balance data. Theresa May is expected to meet business leaders and finance boss regarding Brexit. It is currently trading around 1.3490.
Market eyes US PPI, initial jobless claims data to be released today for further direction.
On the lower side, near term support is around 1.3468 (38.2% fibo) and any break below will drag the pair to next level till 1.3430/1.34020 (61.8% retracement). Short term bullish invalidation only below 1.3330.
The near term resistance is around 1.355 and any break above will take the pair to next level till 1.3600/1.3700. Bullish continuation only above 1.3650.
It is good to sell on rallies around 1.3505-1.3510 with SL around 1.355 for the TP of 1.3435/1.3350.
