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Cable showed just a moderate reaction after the Fed decided to keep rates unchanged.
- Pair is currently trading at $1.4249 levels.
- It made intraday high at $1.4262 and $1.4231 levels.
- UK GDP is the main focus today and is expected to show 0.5% qoq in Q4. UK will also release index of services and CBI reported sales.
- Intraday bias remains bearish below $1.4350 mark.
- Initial support levels are seen at $1.4189, $1.4146 and $1.4125 levels.
- On the top side resistance levels are seen at $1.4314, $1.4350 and $1.4396 levels.
We prefer to take short position in GBP/USD around $1.4250 level, stop loss at $1.4350 and target at $1.4146 levels.
