GBP/USD trades lower on dovish BOE, good to sell on rallies
Cable declined sharply after hitting high of 1.32667 on account of dovish BOE. BOE has kept its interest rates unchanged and lowers CPI /GDP forecast. The pair declined till 1.31572 and is currently trading around 1.31462.
On the higher side, the pair is facing major resistance 1.32781 (161.8% retracement of 1.27747 and 1.19860) and break above targets 1.3300/1.3350.
The pair near term support is around at 1.3160 5- day MA and any break below will drag the pair till 1.3097 (10- day MA)/1.3047 (21- day EMA)/1.3000.
It is good to sell on rallies around 1.3160-1.3165 with SL around 1.3225 for the TP of 1.3060/1.3000.
On the higher side, the pair is facing major resistance 1.32781 (161.8% retracement of 1.27747 and 1.19860) and break above targets 1.3300/1.3350.
The pair near term support is around at 1.3160 5- day MA and any break below will drag the pair till 1.3097 (10- day MA)/1.3047 (21- day EMA)/1.3000.
It is good to sell on rallies around 1.3160-1.3165 with SL around 1.3225 for the TP of 1.3060/1.3000.
