Cable trades higher on stronger core CPI,good to sell on rallies
GBP/USD has recovered from low of 1.5154 till 1.5197 after release of UK CPI data.
UK Core CPI( Y-O-Y) is at +1.1% Versus forecast of +1% and Relative price index (RPI) Y-O-Y came at 0.7% compared to forecast of 0.9%.
Strong core CPI data gives pound a slight pullback from its low of 1.5150 level but upside is limited due to softer RPI data
Technically Cable is facing minor resistance around 1.5200 and any break above targets 1.5235/1.5260.
Bearish invalidation only above 1.5260 and break above will take the pair till 1.5300/1.5350 level.
On the downside minor support is around 1.5150 and break below will drag the pair further down till 1.5080/1.5050.
It is good to sell on rallies around 1.5202-5205 with SL around 1.5250 for the TP of 1.5150/1.5080
UK Core CPI( Y-O-Y) is at +1.1% Versus forecast of +1% and Relative price index (RPI) Y-O-Y came at 0.7% compared to forecast of 0.9%.
Strong core CPI data gives pound a slight pullback from its low of 1.5150 level but upside is limited due to softer RPI data
Technically Cable is facing minor resistance around 1.5200 and any break above targets 1.5235/1.5260.
Bearish invalidation only above 1.5260 and break above will take the pair till 1.5300/1.5350 level.
On the downside minor support is around 1.5150 and break below will drag the pair further down till 1.5080/1.5050.
It is good to sell on rallies around 1.5202-5205 with SL around 1.5250 for the TP of 1.5150/1.5080