The cross has been making lower lows formation for 8 consecutive months. The cross has been extending gains for 4 consecutive days. The conservative party won and hawkish inflation report is expected. The Committee’s latest inflation and output projections will appear in the Inflation Report to be published at 10.30 a.m. on Wednesday 13 May. These factors boost the sentiment on the British pound. At yesterday’s session, the cross managed to breach a lower high of 1.9649 and hit a high at 1.9762. But at today’s Asian session, the aussie is trading higher against GBP. It is likely to make a double top at 1.9762, in case the price is unable to breach the previous day’s high. We recommend fresh buying above 1.9765 with targets at 1.7995, 1.9860, 2.000/2.0022 2.0040, and 2.0110 138.2 FE may be finally 2.0300 168.2FE. Intraday support is found at 1.9649. We recommend intraday selling below 1.9645 with targets at 1.9600 and 1.9525.
Trade: Buying above 1.9765, selling below 1.9645.
The material has been provided by InstaForex Company – www.instaforex.com