FxWirePro: GBP/USD trades higher as cabinet expects to raise Brexit bill, good to buy on dips
Cable hits 1- ½ month high at 1.32794 in anticipation of progress in the ongoing negotiations. The news is that U.K is set to increase its divorce settlement offer to EU. The cabinet’s exit and trade sub-committee could …
Cable hits 1- ½ month high at 1.32794 in anticipation of progress in the ongoing negotiations. The news is that U.K is set to increase its divorce settlement offer to EU. The cabinet’s exit and trade sub-committee could approve a further £20 billion in payments with total offer to around £38 billion. The inflation report of BOE informs that inflation is expected to peak in Q4 before the British Treasury select committee. It is currently trading around 1.32481
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The pair is consolidating after breaking high of 1.3230 level. Any break above 1.3380 will take the pair to next level till 1.3400/1.3500. Short term bullish invalidation only below 1.30280.
On the lower side, near term support is around 1.31750 and any break below will drag the pair to next level till 1.3130/1.3100/1.3060/1.30270.
It is good to buy on dips around 1.3195 with SL around 1.3140 for the TP of 1.3300
