Major resistance – 1.2550 (trend line joining 1.24805 and 1.24885)
Major support – 1.2380
Economic data
UK Manufacturing PMI (9:30 GMT)
Cable breaks the major trend line resistance around 1.2545 and slightly jumped till 1.25520 level .it is currently trading around 1.25360.
Market awaits UK Manufacturing PMI for further direction. If manufacturing PMI beats street expectations, it would send the cable to 1.2600 level. On the other hand, any weaker than expected UK PMI will drag the pair down till 1.2470/1.2400.Short term weakness only below 1.23000.
The temporary top formed at 1.2675 (Nov 11th high) will be acting as major trend reversal level. Any break above will take the pair till 1.2745/1.2800. The minor resistance is at 1.2600.
It is good to buy above 1.2550 with SL around 1.2490 for the TP of 1.2670/1.2745
Major support – 1.2380
Economic data
UK Manufacturing PMI (9:30 GMT)
Cable breaks the major trend line resistance around 1.2545 and slightly jumped till 1.25520 level .it is currently trading around 1.25360.
Market awaits UK Manufacturing PMI for further direction. If manufacturing PMI beats street expectations, it would send the cable to 1.2600 level. On the other hand, any weaker than expected UK PMI will drag the pair down till 1.2470/1.2400.Short term weakness only below 1.23000.
The temporary top formed at 1.2675 (Nov 11th high) will be acting as major trend reversal level. Any break above will take the pair till 1.2745/1.2800. The minor resistance is at 1.2600.
It is good to buy above 1.2550 with SL around 1.2490 for the TP of 1.2670/1.2745
