• FxWirePro: GBP/USD holds above 1.3300 level, good to buy on dips

    Source: FxWire Pro - Technicals / 24 Nov 2017 05:00:47   Eastern Standard Time

    • Cable declined slightly after hitting 1- ½ month high at 1.3369. The main jump in  GBP was mainly due t o weakness in US dollar .US dollar declined sharply after dovish Fed minutes meeting. The Fed minutes meeting shows that economy is growing strong and is operating above full employment. But decline in inflation is cause of concern and any ongoing tightening will push the inflation further down. This reduce the chance of more than three hikes in 2018.
       
    • UK GDP revised GDP at 0.4% compared to forecast of 0.4%. UK economy growth was steady supported by increase in household spending fastest pace in 12 months. But business investment slow as result of Brexit and construction fell for the second quarter.
       
    • The pair is consolidating after breaking 1.3300 level. Any break above 1.3380 will take the pair to next level till 1.3400/1.3500. Short term bullish invalidation only below 1.30280.
       
    • On the lower side, near term support is around 1.32300 and any break below will drag the pair to next level till 1.3175/1.3130/1.3100/1.3060/1.30270. The minor support is around 1.3280.

    It is good to buy on dips around 1.3280 with SL around 1.3230 for the TP of 1.3380/1.3400.