Cable is trading narrow channel for the past two trading session. The pair declined almost 83 pips from the high of 1.39957 made on Mar 14th 2018. The reason for decline was mainly due to increasing political tensions between UK and Russia and slightly positive US economic data released yesterday. The pair hits low of 1.39115 and is currently trading around 1.39628.
Markets eyes US building permits and housing starts for further direction.
Technically on the lower side, near term support is around 1.3900 (200- H MA) and any break below will drag the pair down till 1.3860/1.3800.
The near term resistance is around 1.39825 ( trend line joining 1.39957 and 1.39884) and break above will take the pair till 1.4000/1.4070/1.4140. The pair should break above 1.4070 for further upside.
It is good to buy above1.39825 with SL around 1.3940 for the TP of 1.4070.
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