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GBP/USD – On recovery mode after UK CBI data release

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4514, 1.4578, 1.46

Support – 1.4425, 1.4382, 1.4350

  • Moderation in the pace of contraction in the total orders reported by CBI             seems to have put Cable on a recovery mode.
  • The bird is now trading around 1.4460 levels.
  • As noted earlier today, a rebound from 100-DMA if results in break above daily high of 1.4469 could yield 1.4514 levels.
  • Intraday bullish invalidation is seen only below 1.4425 (100-DMA).
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