Ahead of the UK’s inflation m/m and y/y basis the cable off from the multi- year lows manages to hold the parallel support levels.
PIMCO: Bank of England will delay raising interest rates.
The core inflation of y/y basis, is expected to register at 1.2% in December, remains unchanged from the prior month.
The cable is trading at 1.4315 before the data hits the wires. In the hourly chart, parallel resistance seems at 1.4325 earlier swing high and 1.4350 100ema. The 161.8FE seems at 1.4360 levels. Earlier swing lows acting as game change level, at least a day or two.
Support finds at 1.4280, 1.4260 and 1.4220
Buying momentum backs only above 1.4380 towards 1.4420 and 1.4440
Also read: Approaching support zone