- 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.
