- Major trend line resistance - 169.80 (trend line joining 170.27 and 170.02)
- The pair is facing resistance at 169.80 and break above targets 172/173.45 in short term. It's minor support is around 168.50 and below that level it will reach 167.70/166.90.
- The pair is consolidating in a narrow range for past two days and market awaits UK GDP data for further direction.
- UK GDP is expected to grow at 0.5% on quarterly basis slightly above the 0.4% rate recorded in Q3.
- Short term trend reversal only below 167.80.
It is good to buy only above 169.80 with SL around 168.50 for the TP of 173.45
