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 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.
• 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.