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- Cable jumped sharply till 1.35195 from the low of 1.3319 made on Dec 7th 2017. The pair declined slightly after UK BCC warns Brexit uncertainties. GBP/USED dipped till 1.3355 and is currently trading around 1.33752.
- UK British Chambers of Commerce has downgraded the growth forecasts for the UK economy. The growth is expected to slow down to 1.1% in 2018 compared to forecast of 1.2%.
- Market await UK CPI data which is to be released tomorrow and UK jobs data on Wed, BOE monetary policy meeting for further direction.
- On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
- The near term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3680.
It is good to buy on dips around 1.3300 with SL around 1.32300 for the TP of 1.3545/1.3600.
