Description
⋅ GBP/USD has declined till 1.5301 after release of weaker than expected U.K GDP.
UK 3Q15 GDP rose 0.5%QoQ compared to forecast of 0.6% which leaves the annual rate of growth at 2.3%YoY.
Cable recovered after making a low of 1.53014 and it is currently trading at 1.53470. Overall trend is still bullish as long as support 1.5300 holds.
Any weakness can be seen only below 1.5300 level.
On the higher side major resistance is around 1.5380 and break above targets 1.5435/1.5450.
It is good to buy at dips around 1.5340-45 with SL around 1.5300 for the TP of 1.5400/1.5435