21.03.201706:26:00UTC+00Gbp/usd Breaks Trend Line Resistance After Cpi Data, Jump Till 1.2520 Likely
Major resistance – 1.2435
Cable rallied sharply after better than expected CPI data. UK CPI came at 2.3% Y/Y compared to forecast of 2.1%.
The pair has broken trend line resistance at 1.24350 and jumped till 1.24616 level.Any break above 1.24350 (trend line joining 1.27060 and 1.25695) will take the cable till 1.2520/1.2580. The pair should break above 1.25820 for further jump till 1.27060.
On the lower side , near term support is around 1.2320 and any break below targets 1.2283 (100- 4H EMA)/1.2250 level. The minor support is around 1.2400/1.2380.
It is good to buy on dips around 1.2430-1.2435 with SL around 1.23800 for the TP of 1.2520
Anuluj 
