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Long

GBP/USD faces resistance at 1.4740, break above targets 1.4850

FX:GBPUSD   British Pound/U.S. Dollar
175 0 5
Major resistance- 1.4770 (May 3rd 2016)

Major support – 1.46000

Cable has jumped till 1.47394 at the time of writing and slightly declined till 1.46770. It is currently trading around 1.47013.

GBP/USD             has declined mildly after second estimate of UK’s GDP data shows that Britain economic recovery slows down in Q1 due to unexpected in business investment. But overall trend is still bullish as long as support 1.4600 holds.

On the higher side minor resistance is around 1.4740 and any break above targets 1.4770/1.4780 (200 day MA).Cable should close above 200 day MA for further up move and any indicative break above will take the pair till 1.48500/1.4900 in short term.

On the lower 1.46670 is acting as minor support and any break below targets 1.4640/1.4600 level.

Short term weakness only below 1.4600 level.

It is good to buy above 1.4740 with SL around 1.4665 for the TP of 1.4780/1.4850/
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