FxWirePro: GBP/USD trades slightly above 1.3400, market UK politics
Cable has shown a good jump after forming a minor bottom at 1.3300. The slight jump in GBP was due to better than expected UK retail sales. UK retail sales jumped unexpectedly in Nov on account of Black Friday. The pair …
Cable has shown a good jump after forming a minor bottom at 1.3300. The slight jump in GBP was due to better than expected UK retail sales. UK retail sales jumped unexpectedly in Nov on account of Black Friday. The pair is trading flat only 25 pips for the day and is currently trading around 1.34118.
BOE has unanimously has kept its interest rates unchanged at 0.5% and gave hints that Central bank will go for modest increase in rate depends on performance of the economy. The pair trades in narrow range after BOE and market eyes Brexit talks for further direction.
On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
The near term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3680. The minor resistance is around 1.3500.
It is good to sell on rallies around 1.3500 with SL around 1.3555 for the TP of 1.3300/1.3220.
