FxWirePro: GBP/USD Trades Weak on Softer CPI, Good to Sell on Rallies

FxWirePro: GBP/USD Trades Weak on Softer CPI, Good to Sell on Rallies

17 May 2016, 12:55
Roberto Jacobs
0
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FxWirePro: GBP/USD Trades Weak on Softer CPI, Good to Sell on Rallies

  • Major Resistance – 1.4550 
  • Major support- 1.4445 (55 day 4H EMA) 
  • Cable has retreated from high of 1.45239 after softer CPI data. It is currently trading around 1.4470 level. 
  • UK CPI came at 0.3% y/y compared to forecast of 0.5% Y/Y. 
  • Short term trend is bearish as long as resistance 1.4550 holds. 
  • Any indicative break above 1.4550 will take the pair to next level till 1.4600/1.4660.The minor resistance is at 1.4530 
  • On the lower side any break below 1.4450 will drag the pair till 1.4400/1.43250 level.

It is good sell on rallies around 1.4465-1.4470 with SL around 1.4530 for the TP of 1.4360/1.4325

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