As of now, the pair made a double top at 171.99, currently it is trading at 171.85. The pair is trading at a 3-day high. We recommend to buy above 172 with the target of 172.30 and 172.70. At a daily closure above 172.30, the weekly trend turns to positive. If the GBP data pumps an optimistic news to the wires, we can see 173.10. The inflation report, unemployment report as well as BOE Governor Carney speech are the key economic events.
Support 171.40 171.20 170.70
Resistance 172 172.20 172.35
A day closure above 172.35 means that a strong momentum in the pair will be back.
Intraday 171.90
The pair is facing strong resistance at 172 (20hr high). On the down side, it has support at the 171.84 and 171.50 levels. We strongly recommend to buy above 172 only.
