FxWirePro: GBP/USD trades lower after BOE Carney’s speech, good to sell on rallies
Cable has formed a temporary top around 1.36574 on Sep 20th and started to decline from that level. The pair has shown a minor decline after BOE Governor Carney gave no hints on rate hike by BOE. He also mentioned that B…
Cable has formed a temporary top around 1.36574 on Sep 20th and started to decline from that level. The pair has shown a minor decline after BOE Governor Carney gave no hints on rate hike by BOE. He also mentioned that Brexit will lead to weaker real income growth and further growth depends on Brexit agreement between the UK and EU. The pair declined till 1.33429 and is currently trading around 1.33672.
On the lower side, nearby support is around 1.33148 (38.2% retracement of 1.36574 and 1.27631) and any break below will drag the pair down till 1.3250/1.3200. The pair has closed below cloud bottom in four hour chart.
The near term resistance is around 1.3400 and any break above will take the 1.34295/1.3460 (38.2% fibo)/1.3500.
It is good to sell on rallies around 1.3375-1.3380 with SL around 1.3430 for the TP of 1.3315/1.32550.
