- Cable has declined sharply and hits 3 week low yesterday after weaker than expected UK economic data. The pair has shown a huge sell off yesterday after forming a temporary top around 1.36574. The decline was mainly due to weak manufacturing and construction PMI data from UK. It is currently trading around 1.32582.
- UK Construction PMI came at 48.1 compared to forecast of 51.1.
- On the lower side, nearby support is around 1.3250 and any break below will drag the pair down till 1.3200/1.3100.
- The near term resistance is around 1.3435 and any break above will take the 1.3465/1.3500/1.3570 (Sep 25th 2017 high). The minor resistance is around 1.3300/1.3350.
It is good to sell on rallies around 1.3300 with SL around 1.3350 for the TP of 1.3200/1.3105.
