Cable lost almost more than 120 pips after release of weak UK GDP data. UK economic growth slows to 0.1% in first quarter lowest since 2012.GBPUSD hits 1- month low at 1.37450 and is currently trading around 1.37860. In …
Cable lost almost more than 120 pips after release of weak UK GDP data. UK economic growth slows to 0.1% in first quarter lowest since 2012.GBPUSD hits 1- month low at 1.37450 and is currently trading around 1.37860.
In weekly chart, the pair is trading near long term trend line support at 1.3800 (trend line joining 1.21088 and 1.27730) and any weekly close below confirms further weakness, a dip till 1.37110 (Feb 26th low).
On the higher side, nearby resistance is around 1.3845 (20- W MA) and any break above targets 1.3925/1.3960/1.4000. Any break above 1.4000 confirm minor bearish invalidation and a jump till 1.4100 is possible.
It is good to buy on dips around 1.3760 with SL around 1.3710 for the TP of 1.3900/1.3990.
