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- Cable was trading in narrow range around 1.5410 and 1.55080. Any further bullishness can be seen only above 1.5500.
- GBP/USD has made a high of 1.55067 after better than expected retail sales data. It is currently trading at 1.5489.
- UK retail sales expanded at a monthly pace of 1.9% during September compared to forecast of 0.4%.
- The break above 1.5500 will take the pair further to new level around 1.5550/1.55600.
- On the downside any break below 1.54800 will drag the pair further down till 1.5450/1.5430/1.5410 level.
- Overall trend reversal only above 1.5500.
It is good to sell below 1.5480 with SL around 1.5510 for the TP of 1.5435/1.5410
Resistance
R1- 1.5510
R2-1.5550
R3- 1.5600
Support
S1-1.5450
S2-1.5430
S3-1.5400
