FxWirePro: GBPUSD trade well above 1.400 level, jump till 1.4125 likely
Cable declined till 1.3800 after breaking major support at 1.38600 after release of better than expected US inflation data. The pair took support near trend lien and shown a huge recovery from that level. US CPI came at …
Cable declined till 1.3800 after breaking major support at 1.38600 after release of better than expected US inflation data. The pair took support near trend lien and shown a huge recovery from that level.
US CPI came at 0.5% for the month of Jan compared to forecast of 0.3%. Market awaits US PPI and empire state and Philly fed manufacturing data for further direction.
Technically on the lower side, near term support is around 1.39200 and any break below will drag the pair down till 1.38600/1.3800/1.37600 (Feb 9th low).
The near term resistance is around 1.40671 (Feb 8th 2018 high) and break above will take the pair till 1.41250/1.42880.
It is good to buy on dips around 1.4000 with SL around 1.3920 for the TP of 1.4125/1.4288
