FxWirePro

Cable trades higher on stronger core CPI,good to sell on rallies

Short
FX:GBPUSD   British Pound / U.S. Dollar
454 views
7
GBP/USD has recovered from low of 1.5154 till 1.5197 after release of UK CPI data.

UK Core CPI ( Y-O-Y) is at +1.1% Versus forecast of +1% and Relative price index (RPI) Y-O-Y came at 0.7% compared to forecast of 0.9%.

Strong core CPI data gives pound a slight pullback from its low of 1.5150 level but upside is limited due to softer RPI data

Technically Cable is facing minor resistance around 1.5200 and any break above targets 1.5235/1.5260.

Bearish invalidation only above 1.5260 and break above will take the pair till 1.5300/1.5350 level.

On the downside minor support is around 1.5150 and break below will drag the pair further down till 1.5080/1.5050.

It is good to sell on rallies around 1.5202-5205 with SL around 1.5250 for the TP of 1.5150/1.5080

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out