Cable trades weak on softer CPI, good to sell on rallies
Major support - 1.2450 (trend line joining 1.21139 and 1.23744)
Cable breaks major trend line support 1.24500 and declined till 1.2396 after UK CPI came lesser than expected.UK CPI was at 0.1% VS 0.3% exp.
Short term trend is slightly bearish as long as resistance 1.2500 holds.
The pair trades weak and a decline till 1.2300/1.2200 is possible .
On the higher side, any break above 1.25000 will take the cable to next level till 1.2530/1.2600/1.2675.
It is good to sell on rallies around 1.2430-35 with SL around 1.2500 for the TP of 1.2350/1.2300
Cable breaks major trend line support 1.24500 and declined till 1.2396 after UK CPI came lesser than expected.UK CPI was at 0.1% VS 0.3% exp.
Short term trend is slightly bearish as long as resistance 1.2500 holds.
The pair trades weak and a decline till 1.2300/1.2200 is possible .
On the higher side, any break above 1.25000 will take the cable to next level till 1.2530/1.2600/1.2675.
It is good to sell on rallies around 1.2430-35 with SL around 1.2500 for the TP of 1.2350/1.2300