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GBP/USD breaks major resistance at 1.2400 handle, jump till 1.2520 likely

  • Major resistance – 1.2400 (Support turned into resistance)
     
  • Cable rallying sharply or the past four trading session and breaks 1.2400 handle . The pair jumped till 1.24350. It is currently trading around 1.24179.
     
  • GBP rallying against all major pairs after BOE has kept its interest rates unchanged at 0.25% but one of the committee member Forbes who leaves at end of June voted against rest of member for a rate hike of 25bpbs due to rising inflation.
     
  • Cable upside is capped by 1.24350 (trend line joining 1.27060 and 1.25695) and any break above will take the pair till 1.2520. The pair should break above 1.25820 for further jump till 1.27060.
     
  • On the lower side , near term support is around 1.2380 and any break below targets 1.2320/1.2283 (100- 4H EMA)/1.2250 level.

    It is good to buy on dips around 1.2400-1.2405 with SL around 1.2345 for the TP of 1.2520   
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November 24 15:30 UTC Released

USECRI Weekly Index*

Actual

145.6 %

Forecast

Previous

145.6 %

November 24 14:45 UTC Released

US1st Half-Mth Infl YY*

Actual

54.6 %

Forecast

Previous

54.6 %

November 27 09:00 UTC 32083208m

ITExport Prices*

Actual

Forecast

Previous

111 %

November 27 09:00 UTC 32083208m

ITImport Prices*

Actual

Forecast

Previous

116.1 %

November 27 14:00 UTC 35083508m

MXTrade Balance, $*

Actual

Forecast

Previous

-1.886 Bln USD

November 27 14:00 UTC 35083508m

MXTrade Balance SA*

Actual

Forecast

Previous

-1.559 Bln USD

November 27 15:30 UTC 35983598m

USDallas Fed mfg bus index

Actual

Forecast

Previous

27.6

November 27 21:00 UTC 39283928m

KRBOK Manufacturing BSI*

Actual

Forecast

Previous

87 Bln BRL

November 28 00:00 UTC 41084108m

BRCentral Govt Balance

Actual

Forecast

Previous

-22.725 Bln BRL

November 28 07:00 UTC 45284528m

DEGDP Growth QQ* Advance

Actual

Forecast

Previous

10.7 %

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