Cable forms gravestone doji,good to sell on rallies
Candle Stick pattern Formed- Gravestone Doji
Major resistance -1.4320
Cable has made a high of 1.42863 and declined from that level . It is currently trading around 1.42317.
Markets eyes UK CPI data which is to be released today for further movement.
Headline U.K CPI is expected to increase for second consecutive month and Core rate of inflation to be at 1.3% y/y opposed to Feb figure of 1.2% y/y, a first rise in 2016.
Another uptick in headline inflation accompanied by rise in core inflation will take the cable to next level around 1.4300/1.4320.
On the higher side pair’s major resistance is around 1.4320 and break above will take the pair till 1.4380/1.4400.
Cable’s minor support is around 1.4170 and break below will drag the pair to lower level till 1.4100/1.4040.Overall bullish invalidation only below 1.4000.
It is good to sell on rallies around 1.4280-85 with SL around 1.4320 for the TP of 1.4170/1.4100
Major resistance -1.4320
Cable has made a high of 1.42863 and declined from that level . It is currently trading around 1.42317.
Markets eyes UK CPI data which is to be released today for further movement.
Headline U.K CPI is expected to increase for second consecutive month and Core rate of inflation to be at 1.3% y/y opposed to Feb figure of 1.2% y/y, a first rise in 2016.
Another uptick in headline inflation accompanied by rise in core inflation will take the cable to next level around 1.4300/1.4320.
On the higher side pair’s major resistance is around 1.4320 and break above will take the pair till 1.4380/1.4400.
Cable’s minor support is around 1.4170 and break below will drag the pair to lower level till 1.4100/1.4040.Overall bullish invalidation only below 1.4000.
It is good to sell on rallies around 1.4280-85 with SL around 1.4320 for the TP of 1.4170/1.4100