FxWirePro: GBP/USD trades higher on positive UK GDP, good to buy on dips
Cable recovers sharply from the low of 1.3110 on account of better than expected UK GDP data. The pair jumped till 1.32224 and is currently trading around 1.3220. UK economy expanded by 0.4% in the third quarter of this …
Cable recovers sharply from the low of 1.3110 on account of better than expected UK GDP data. The pair jumped till 1.32224 and is currently trading around 1.3220.
UK economy expanded by 0.4% in the third quarter of this year compared to forecast of 0.3%. The increase in GDP was due to improvement in Services and Manufacturing.
The near term major resistance is around 1.3230 and any break above will take the pair to next level till 1.330/1.33374 (Oct 13th 2017 high).
On the lower side, 1.3170 (55- day EMA) will be acting as major support and any break below will drag the pair down till 1.30270 /1.3000 level. Bearish continuation can be seen only below 1.3030.
It is good to buy on dips around 1.3205-1.3210 with SL around 1.3170 for the TP of 1.3300/1.33380.
