FxWirePro: Strong resistance for cable at 1.55, good to sell rallies
Bid tone on the Sterling gathered pace after the stellar UK data which showed that UK Oct manufacturing PMI rose to 55.5 from an upwardly revised 51.8 figure in Sept However, the Pound is likely to remian on the sideline…
Bid tone on the Sterling gathered pace after the stellar UK data which showed that UK Oct manufacturing PMI rose to 55.5 from an upwardly revised 51.8 figure in Sept
However, the Pound is likely to remian on the sidelines ahead of BoE "Super Thursday" this week: MPA, MPC minutes & Inflation Report awaited
A 7-2 MPC voteis expected, GBP could get knee-jerk boost if Forbes joins McCafferty in voting for hike
GBP/USD is currently trading at 1.5474, after hitting sesison highs at 1.5497 post PMI data
Strong resistance is seen at 1.55 (trend line), breaks above could take the pair to 1.5650 levels
While supports on the downside are located at 1.5436 (cloud top), and further below at 1.5410 (Oct 21 lows)
Stochs on 4-hourlies are at oversold, on the verge of a bearish crossover, correction lower likely
Recommendation: Sell rallies around 1.5480, SL: 1.5510, TP: 1.5425
