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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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Fintech Week Chicago

April 24 21:00 UTC Released

KRConsumer Sentiment Ind*

Actual

101.2 bln BRL

Forecast

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96.7 bln BRL

April 24 13:00 UTC Released

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Actual

5.62 %

Forecast

5.59 %

Previous

5.29 %

April 25 06:45 UTC 128128m

GBPSNB, MM GBP

Actual

Forecast

104 bln GBP

Previous

104 bln GBP

April 25 06:45 UTC 128128m

GBPSNB Ex Banks GBP

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Forecast

104 bln GBP

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104 bln GBP

April 25 06:45 UTC 128128m

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104 bln BRL

Previous

104 bln BRL

April 25 08:30 UTC 233233m

GBPSNB, MM GBP

Actual

Forecast

1.500 bln GBP

Previous

1.083 bln GBP

April 25 08:30 UTC 233233m

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Actual

Forecast

Previous

12.875 bln GBP

April 25 08:30 UTC 233233m

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Actual

Forecast

3.200 bln GBP

Previous

1.803 bln GBP

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Forecast

Previous

1.2 %

April 25 12:55 UTC 498498m

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Actual

Forecast

Previous

2.3 %

Fintech Week Chicago
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