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FxWirePro: GBPUSD upside is capped by 20- day MA, good to buy on dips | October 16, 2017



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  • Cable has shown a huge jump in the previous week from the low of 1.30750 and hits high of 1.3374. The main driver for the rally was the UK politics. The doubt over the Theresa May’s position was cleared and that is main reason for the huge jump in Pound. It is currently trading around 1.32996.

     

  • UK major economic data is to be released this week. Britain’s inflation data and BOE governor Carney to appear before parliament on Tuesday. The employment report which will be released on Wed.

     

  • The near term major resistance is around 1.3337 (20- day MA) and any break above will take the pair to next level till 1.3400/1.3420/1.3460.

     

  • On the lower side, 1.3230 will be acting as major support and any break below will drag the pair down till 1.3180/1.3120 level. Bearish continuation can be seen only below 1.3030.



It is good to buy on dips around 1.3285 with SL around 1.3230 for the TP of 1.3400/1.3428.



 



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