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 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 accompanied by rise in core 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 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