Cable lost almost more than 180 pips in the previous week and continuing its weakness in this week after breaking low of 1.37473 (Apr 27th low). The pair declined almost more than 40 pips and hits intraday low of 1.37126…
Cable lost almost more than 180 pips in the previous week and continuing its weakness in this week after breaking low of 1.37473 (Apr 27th low). The pair declined almost more than 40 pips and hits intraday low of 1.37126 and is currently trading around 1.37231. The main reason was weak UK GDP data released on Friday. The continuous weak UK economic data and Brexit uncertainty will postpone rate hike by BOE.
In daily chart, the pair is trading near long term support at 1.3710 and any close below confirms further weakness, a dip till 1.36500.
On the higher side, nearby resistance is around 1.3800 and any break above targets 1.38650/ 1.3925/1.3960/1.4000. Any break above 1.4000 confirm minor bearish invalidation and a jump till 1.4100 is possible.
It is good to buy on dips around 1.3725-30 with SL around 1.3700 for the TP of 1.3865/1.3900.
