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- GBP/USD has reached a new 11 month high yesterday at 1.32667 and dropped sharply yesterday after dovish comment by BOE. BOE voted 6-2 to keep interest rates unchanged and has trimmed its growth forecast but kept its inflation forecast unchanged. The pair decline till 1.31125 and is currently trading around 1.31387.
- Cable has closed well below yesterday low of 1.3190 and this confirms major weakness, a decline till 1.3000 is possible. A break below 1.2930 low made on Jul 20th confirms that it has formed a top at 1.32680 and a decline till 1.28110 (Jul 12th 2017 low) likely.
- On the higher side , near term minor resistance is around 1.3160 and any break above will take the pair till 1.3190 (Support turned into resistance )/1.32680. The major resistance is at 1.32781 (161.8% retracement of 1.27747 and 1.19860) and break above targets 1.3300/1.3350.
It is good to sell on rallies around 1.3150-55 with SL around 1.3200 for the TP of 1.3060/1.3000.
