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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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2017-03-23 08:00:49
0m

March 23 07:45 UTC Released

FRBusiness Climate

Actual

104 %

Forecast

107 %

Previous

107 %

March 23 07:00 UTC Released

TRConsumer Confidence*

Actual

67.8 %

Forecast

Previous

65.70 %

March 23 09:30 UTC 7676m

GBRetail Sales MM

Actual

Forecast

0.4 %

Previous

-0.3 %

March 23 09:30 UTC 7676m

GBRetail Sales Ex-Fuel MM

Actual

Forecast

0.4 %

Previous

-0.2 %

March 23 09:30 UTC 7676m

GBRetail Sales YY

Actual

Forecast

2.6 %

Previous

1.5 %

March 23 09:30 UTC 7676m

GBRetail Sales Ex-Fuel YY

Actual

Forecast

3.1 %

Previous

2.6 %

March 23 11:00 UTC 166166m

GBCBI Distributive Trades

Actual

Forecast

5 %

Previous

9 %

March 23 12:30 UTC 256256m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

237.25 k

March 23 12:30 UTC 256256m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

241 k

March 23 12:30 UTC 256256m

USContinued Jobless Claims*

Actual

Forecast

2.035 mln

Previous

2.030 mln

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