Cable shown a slight decline after central bank kept the interest rate unchanged at 0.25% and lowers growth forecast. The committee voted by a majority of 7-1 to maintain bank rate at 0.25%. The pair has closed below min…
Cable shown a slight decline after central bank kept the interest rate unchanged at 0.25% and lowers growth forecast. The committee voted by a majority of 7-1 to maintain bank rate at 0.25%. The pair has closed below minor support 1.2900 yesterday at 1.2880 and it is currently trading around 1.28535.
BOE monetary policy committee (MPC) sets monetary policy to meet 2% inflation target to sustain growth and employment.
On the higher side, major resistance is around 1.3000 and any break above confirms bullish continuation. Any break above will take the pair till 1.3050/1.3088 in the short term.
The near term support is around 1.2830 (May 4th 2017 low) and any break below will drag the pair down till 1.2780 (23.6% retracement of 1.2108 and 1.29875).
It is good to sell on rallies around 1.2920-1.2925 with SL around 1.3000 for the 1.2830/1.2750.
