Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

GBP/USD faces strong resistance at 1.4320,markets eye UK CPI for further direction

  • Candle Stick pattern Formed- Gravestone Doji
     
  • Major resistance -1.4320 
     
  • Cable has made a high of 1.42863 and declined from that level . It is currently trading around 1.42317.
     
  • Markets eyes UK CPI data which is to be released today for further movement.
     
  • Headline U.K CPI is expected to increase for second consecutive month  and Core rate of inflation to be at 1.3% y/y  opposed to Feb figure of 1.2% y/y, a first rise in 2016.
     
  • Another uptick in headline inflation accompanied by rise in core inflation will take the cable to next level around 1.4300/1.4320.
     
  • On the higher side pair’s major resistance is around 1.4320 and break above will take the pair till 1.4380/1.4400.
     
  • Cable’s minor support is around 1.4170 and break below will drag the pair to lower level till 1.4100/1.4040.Overall bullish invalidation only below 1.4000.


It is good to sell on rallies around 1.4280-85 with SL around 1.4320 for the TP of 1.4170/1.4100 
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.