The UK economic data was muted at yesterday's session, moved higher supported by weak US data. The cable approached the multi-resistance zone yet again. In the past six occasions, the cable was rejected between 1.4973 and 1.5010. At yesterday's session, the cable made a high at 1.4970. The UK unemployment rate and claimant count change are due for release today. We expect positive economic data from the UK. We expect core CPI to print on a positive bias. In the context of technical view, hourly support is found at 1.4880. Resistance is seen at 1.5010 and 1.5055. On the past three occasions, the 50Dsma rejected the price. Until the price close below 1.5055, use sudden spikes to sell. Safe buying will trigger above 1.5055 with targets at 1.5130 and 1.5160 the 61.8 fib level. At yesterday's session, the pair closed above 20Dsma 1.4835. We recommend selling below 1.4880 with targets at 1.4820, 1.4800, and 1.4750. Below 1.4800, selling pressure might double towards 1.4750 and 1.4700.
Support: 1.4880, 1.4800, 1.4740
Resistance: 1.5010, 1.5055, 1.5135
Trade: Selling below 1.4880, buying above 1.5055
The material has been provided by InstaForex Company - www.instaforex.com
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