Cable trades above 1.4600 on fading Brexit, good to buy at dip

FX:GBPUSD   British Pound/U.S. Dollar
389 0 14
Major resistance- 1.4600

Major support – 1.4550 (resistance turned into Support)

Cable has surged drastically yesterday till 1.46345 after a poll showed more supporters favouring UK to stay in the EU.

Cable has declined till 1.44035 on yesterday on account of US fed rate hike hopes .But recovered sharply in the European session and closed around 1.45959.

On the higher side any break above 1.4600 will take the pair till 1.4660/1.4700/1.4769.

Minor weakness can be seen only below 1.4550 and break below targets 1.4500/1.4450.

Overall trend is slightly bullish but traders await UK monthly retail sales for further direction.UK monthly retail sales is expected to increase by 0.6% as against decline of 1.3% in previous month.

It is good to buy at dips around 1.4615-4620 with SL around 1.4550 for the TP of 1.4765
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