FxWirePro: GBP/USD trades above 1.3400 after better than expected UK retail sales data, good to buy on dips
GBP/USD has been struggling to break 1.3400 after hawkish comments by Fed. Fed hiked rates by 25 basis point and upgraded its forecasts and was very much optimism about economy. Cable broken the resistance of 1.3400 afte…
GBP/USD has been struggling to break 1.3400 after hawkish comments by Fed. Fed hiked rates by 25 basis point and upgraded its forecasts and was very much optimism about economy. Cable broken the resistance of 1.3400 after release of UK retail sales data. UK retail sales came at 1.4% in the month of May compared to forecast of 0.5%. It hits high of 1.34466 at the time of writing and is currently trading around 1.3428.
On the higher side, any break above 1.3460 will take the pair to next level till 1.35080 (23.6% fib)/ 1.35695 (May 17th 2018 high).
On the lower side, any break below 1.3380 (200- H MA) will drag the pair till 1.3300/1.3240.
It is good to buy on dips around 1.3425-43 with SL around 1.3375 for the TP of 1.3508/1.3565.
