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- Cable has declined sharply after hitting a high of 1.42167 yesterday. The pair declined almost 140 pips from the high. The decline was mainly due to uncertainty of rate hike by BOE in May meeting. The pair hits low of 1.40760 and is currently trading around 1.41185.
- The Bank of England has voted 7-2 to leave interest rates unchanged at 0.5%. The members were positive over the economic outlook and wage growth also in line with expectations. Market already priced the chance of 25bpbs rate hike in May.
- Technically on the lower side, near term support is around 1.4070 and any break below will drag the pair down till 1.4020/1.3980/1.3930. Major weakness can been only below 1.3700.
- The near term resistance is around 1.4150 and break above will take the pair till 1.4145. The pair should break above 1.4070 for further upside.
It is good to sell on rallies around 1.4125-28 with SL around 1.4160 for the TP of 1.4020/1.4000.
