FxWirePro: GBPUSD trades above 1.400, jump till 1.4140 likely
Cable has shown a good recovery after hitting low of 1.3889 on Friday. The pair has broken major trend line resistance at 1.39760 and jump almost 30 pips from that level.US dollar pared all its gain made today morning an…
Cable has shown a good recovery after hitting low of 1.3889 on Friday. The pair has broken major trend line resistance at 1.39760 and jump almost 30 pips from that level.US dollar pared all its gain made today morning and showing a minor weakness against all majors. The pair hits high of 1.40210 and is currently trading around 1.40215.
Markets eyes US Fed monetary policy meeting which is to be released on Wed for further direction.
Technically on the lower side, near term support is around 1.3940 (5- day MA) and any break below will drag the pair down till 1.3860/1.3800.
The near term resistance is around 1.4030 and break above will take the pair till 1.4070/1.4140. The pair should break above 1.4070 for further upside.
It is good to buy on dips around 1.4000 with SL around 1.3940 for the TP of 1.4140.
