FxWirePro: GBP/USD trades well above 1.4200, good to buy on dips
Cable has jumped sharply more than 0.5% in today’s trading on account of weak US dollar the pair broke the high of 1.42186 made after post BOE. The pair declined almost 140 pips from the high. The jump was mainly due to …
Cable has jumped sharply more than 0.5% in today’s trading on account of weak US dollar the pair broke the high of 1.42186 made after post BOE. The pair declined almost 140 pips from the high. The jump was mainly due to US-china trade war. It is currently trading around 1.42125.
Cable was trading strong for third consecutive week on account of Brexit transition agreement and strong UKS data.
Technically on the lower side, near term support is around 1.4167 (20- H MA) and any break below will drag the pair down till 1.4110/1.4075/1.4000. Major weakness can been only below 1.4000.
The near term resistance is around 1.4250 and break above will take the pair till 1.4278/1.43455. The pair should break above 1.4350 for further upside.
It is good to buy on dips around 1.4200 with SL around 1.4160 for the TP of 1.4278/1.4345.
