FxWirePro: GBP/USD trades in narrow range, markets eyes BOE
Cable shown a good jump after making a low of 1.29000 yesterday. The pair jumped till 1.29875 slightly above the high of 1.29835 made on May 5th 2017. It is currently trading around 1.29469. Market awaits BOE super Thurs…
Cable shown a good jump after making a low of 1.29000 yesterday. The pair jumped till 1.29875 slightly above the high of 1.29835 made on May 5th 2017. It is currently trading around 1.29469.
Market awaits BOE super Thursday tomorrow for further direction. Thursday May 11th is crucial day for GBP traders with the release of major BOE inflation report followed by BOE monetary policy. BOE IS expected to keep interest rates unchanged due to U.K election and weak economic data.
On the higher side, major resistance is around 1.3000 and any break above confirms bullish continuation. Any break above will take the pair till 1.3050/1.3088 in the short term.
The near term support is around 1.2900 (daily Tenkan-Sen) and any break below will drag the pair down till 1.2830 (May 4th 2017 low)/1.2800 (21- EMA).
It is good to buy on dips around 1.2935 with SL around 1.2895 for the TP of 1.3000/1.3050.
