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- Cable has declined almost more than 50 pips from today’s high of 1.39885 on account of increasing tensions between Russia and UK. UK-Russia tension risk has been escalated over ex-spy’s poisoning. The poisoning of an ex-Russian spy named Sergei Skripal and his daughter Yulia. The pair hits intraday low of 1.39215 and is currently trading around 1.39420.
- Russia hits back at Britain today as the Kremlin said Russia will respond to baseless accusation against Moscow from the UK.
- Technically on the lower side, near term support is around 1.3920 and any break below will drag the pair down till 1.3860/1.3800.
- The near term resistance is around 1.4000 and break above will take the pair till 1.4070/1.4140. The pair should break above 1.4070 for further upside.
It is good to buy on dips around 1.3945-50 with SL around 1.3900 for the TP of 1.4070.
