GBPUSD; Sell on rallies : FxWirePro | November 3, 2017

Cable shown a minor selling after hitting high of 1.33208 yesterday. It is currently trading around 1.32275.

The pair has declined despite better than expected UK construction PMI data. Market awaits UK jobs data and BOE monetary policy meeting for further direction. BOE is expected to hike rates by 25bpbs and markets have already priced 80%. Any hawkish tone by BOE governor will push the Pound sterling -0.10% above 1.3340.

The pair has once again declined after showing a minor jump above 1.3300.On the higher side, near term resistance is around 1.3340 and any break above will take the pair to next level till 1.3400/1.3420 (61.8% fibo).Any convincing break above 1.3420 will take the pair to next level till 1.3465/1.3500. Minor bullishness can be seen only above 1.3300.

On the lower side, near term support is around 1.3193 (20- day MA) and any break below will drag the pair to next level till 1.3140 (61.8% fibo)/1.3070/1.30270. Any further weakness can be seen only below 1.30270 and break below will drag the pair till 1.3000/1.29689 (161.8% retracement of 1.31030 and 1.32794).

It is good to sell on rallies around 1.3285-1.3290 with SL around 1.3350 for the TP 1.3140/1.3070