Cable declines on weak U.K GDP estimate,good to sell on rallies
Cable once again declined after showing a minor jump above 1.3000 after the weaker than expected UK GDP data. The pair is currently trading around 1.29466.
UK’s GDP figures showed that economy is expanded at 0.2% QOQ and 2% YOY, less than forecast (0.3% and 2.1%).
On the higher side, any close above 1.30500 confirms bullish continuation and a jump till 1.3088/13120 likely.
Cable major support is around 1.2930-40 (10 day MA and 20- day MA) and any break below will drag the pair down till 1.2900/1.2830. Any short term weakness can be seen only below this level. Any violation below targets 1.2775 (daily Kijun-Sen)/1.2705.
It is good to sell on rallies around 1.2965-1.2970 with SL around 1.3050 for the TP of 1.2830.
UK’s GDP figures showed that economy is expanded at 0.2% QOQ and 2% YOY, less than forecast (0.3% and 2.1%).
On the higher side, any close above 1.30500 confirms bullish continuation and a jump till 1.3088/13120 likely.
Cable major support is around 1.2930-40 (10 day MA and 20- day MA) and any break below will drag the pair down till 1.2900/1.2830. Any short term weakness can be seen only below this level. Any violation below targets 1.2775 (daily Kijun-Sen)/1.2705.
It is good to sell on rallies around 1.2965-1.2970 with SL around 1.3050 for the TP of 1.2830.
