Cable has shown a slight jump above 1.2500 level and declined slightly from that level. The pair declined till 1.24030 yesterday and jumped till 1.25230. Cable is trading near day’s low after weaker than expected UK Q4 G…
Cable has shown a slight jump above 1.2500 level and declined slightly from that level. The pair declined till 1.24030 yesterday and jumped till 1.25230.
Cable is trading near day’s low after weaker than expected UK Q4 GDP .The final reading came in at 1.9% Vs 2.0% year- on-year.
On the lower side, near term support is around 1.24300 (trend line joining 1.21088 and 1.23760) and any break below will drag the pair down till 1.23750/1.23200/1.2260/1.2200/1.2108 (Mar 14th 2017 low).
The near term resistance is around 1.2480 and any indicative break above will take the pair till 1.2520/1.2580/1.2635/1.2706 (Feb 2nd 2017 high). It should close above 1.2780 for bearish invalidation.
It is good to sell on rallies around 1.24300 with SL around 1.24800 for the TP of 1.2375/1.2320.
