FxWirePro: GBP/USD trades in narrow range, market eyes UK Spring Budget
Cable is consolidating in narrow range between 1.37800 and 1.39176 for the past three trading session. The pair dipped till 1.3870 in the European session shown a nice 30 pips recovery. The pound awaits the spring budget…
Cable is consolidating in narrow range between 1.37800 and 1.39176 for the past three trading session. The pair dipped till 1.3870 in the European session shown a nice 30 pips recovery. The pound awaits the spring budget statement from Chancellor Hammond and Brexit cost estimates. It hits intraday high of 1.39126 and is currently trading around 1.38975.
Major economic data to be released is US CPI at 12:30 GMT. It is expected to show a gain of 0.2% in the month of Feb.
Technically on the lower side, near term support is around 1.3835 and any break below will drag the pair down till 1.3800/1.3760.
The near term resistance is around 1.3920 and break above will take the pair till 1.3965/1.4000. The pair should break above 1.4070 for further upside.
It is good to buy on dips around 1.3865-70 with SL around 1.3830 for the TP of 1.3945/1.3965.
