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Short

Cable forms gravestone doji,good to sell on rallies

FX:GBPUSD   British Pound/U.S. Dollar
314 0 8
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
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