FxWirePro: GBP/USD trades higher on better than expected U.K retail sales, good to buy on dips
Cable recovered sharply and has broken major resistance at 1.3000 on better than expected U.K retail sales. UK retail sales came at 2.3% for the month of Apr compared to forecast of 1.2%. It is currently trading around 1…
Cable recovered sharply and has broken major resistance at 1.3000 on better than expected U.K retail sales. UK retail sales came at 2.3% for the month of Apr compared to forecast of 1.2%. It is currently trading around 1.30180.
On the higher side, the pair has broken major resistance 1.3000 and this confirms bullish continuation and a jump till 1.3050/1.3088/13120 likely.
Cable major support is around 1.2950 and any break below will drag the pair down till 1.2900/1.2830.
Short term trend is bullish as long as support 1.2830 holds (May 4th 2017 low).
It is good to buy on dips around 1.3000 with SL around 1.2950 for the TP of 1.3080/1.3120.
