Technical Analysis

Cable pares drop from weaker-than-expected GDP knowledge

Cable is again as much as 1.2930 on the day

GBP/USD 5M 11-02

Bids and assist across the 1.2900 has helped to cease the decline earlier following the disappointing December and This fall GDP report. The greenback has additionally weakened barely following earlier positive factors however what this implies is that we’re principally again to sq. one for cable once more.

I have been hammering house the purpose for a lot of a time now. It is all about Brexit for the pound at the moment. Financial knowledge and the BOE are very a lot secondary at this level. And as we speak’s knowledge launch proved that after once more, to not a lot shock as famous within the calendar preview:

GBP GDP preview

Now that now we have seen worth motion retrace again the knee-jerk response, it is again to gauging the Brexit outlook. For cable, the consolidation vary round 1.2930-50 is again in play. With worth now settling right here, be careful for resistance on the 100-hour MA @ 1.2945 adopted by Friday’s excessive @ 1.2980. Anticipate loads of choppiness nonetheless to come back between these ranges.

However as long as worth holds under 1.3000, I might nonetheless be inclined to supply the pair close to the determine stage as Brexit uncertainty continues to play out.

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