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- Cable has shown a decline more than 100 pips till 1.37800 yesterday from the high of 1.39098. The pair shown a minor recovery today morning but weaker than expected UK data has dragged the pair down from the intraday high of 1.38309 and is currently trading around 1.38081.
- USD gained strength against all majors after dovish ECB meeting. UK manufacturing output rose 0.1% MOM against forecast of 0.2%. UK trade deficit widens in Jan and misses estimate. Market eyes US non-farm payroll data for further direction. Wage growth is the major data to be watched in jobs data and any data above 3% will be more positive for USD.
- Technically on the lower side, near term support is around 1.37600 and any break below will drag the pair down till 1.3700/1.3650.
- The near term resistance is around 1.3860 (support turned into resistance) and break above will take the pair till 1.3920/1.965/1.4000. The pair should break above 1.4070 for further upside.
It is good to sell on rallies around 1.3855-60 with SL around 1.3920 for the TP of 1.3760/1.3700.
