FxWirePro: GBP/USD trades above 1.4000 level, good to buy on dips

• Cable trading higher in Asian session and jumped almost 37 pips from low of 1.39640. The pair broken convincingly above 1.4000 level jumped till 1.40389. It is currently trading around 1.40307.
   
• UK GDP came slightly weaker than expected on Friday. The second revised estimate of was lowered to 0.4% down form the first estimate of 1.5%. But hawkish comments from BOE policy makers has is preventing the downside of Pound sterling.
   
• Technically on the lower side, near term support is around 1.39200 and any break below will drag the pair down till 1.38600/1.3800/1.37600 (Feb 9th low). Short term bullish invalidation below 1.3800 (Feb 14th low).
   
• The near term resistance is around 1.4050 and break above will take the pair till1.4145. The pair should break above 1.4145 for further upside.

It is good to buy on dips around 1.4005-1.4010 with SL around 1.3945 for the TP of 1.4145/1.4288

Resistance
 

R1-1.4070
 

R2 – 1.4145
 

R3-1.4200

Support               
 

S1-1.3980
 

S2-1.3920
 

S3- 1.3860