Early on the day Cable weakened from the NY session high of 1.5339, upside was capped by 200-DMA at 1.5317 in the Asian session
- Small spike seen into the European open, pair edges higher, trades above 200 DMA
- Markets await Bank of England rate decision, tone of the minutes will be keenly watched
- Action in the EUR/GBP after the release of the ECB accounts/minutes could affect the cable
- GBP/USD is currently trading at 1.5331 with immediate resistance at 1.5340 (Daily High Oct 7) and support at 1.5300 (Hourly Low Oct 8)
Resistance Levels:
R1: 1.5340 (Daily High Oct 7)
R2: 1.5364 (Daily High Sept 23)
R3: 1.5383 (Kijun, 50% 1.5659-1.5107)
Support Levels:
S1: 1.5300 (Hourly Low Oct 8)
S2: 1.5223 (Daily Low Oct 7)
S3: 1.5141 (Daily Low Oct 6)
