Cable trades higher on better UK GDP , targets 1.5670
GBP/USD has recovered from the low of 1.5527 after release of U.K GDP data which was in line with expectations.
UK GDP expanded by 0.7% in the three months ending Jun 30 comparing to 0.4% growth in preceding quarter.
Technically Cable is facing resistance around 1.5580 and nay break above would extend gains till 1.5630/1.5670.
Any break above 1.5670 confirms trend reversal a jump till 1.5745/1.5800 cannot be ruled out.
On the downside minor support is around 1.5525 and break below target 1.5480/1.5450.
It is good to buy at dips around 1.5585 with SL around 1.5525 for TP of 1.5670/1.5745.
UK GDP expanded by 0.7% in the three months ending Jun 30 comparing to 0.4% growth in preceding quarter.
Technically Cable is facing resistance around 1.5580 and nay break above would extend gains till 1.5630/1.5670.
Any break above 1.5670 confirms trend reversal a jump till 1.5745/1.5800 cannot be ruled out.
On the downside minor support is around 1.5525 and break below target 1.5480/1.5450.
It is good to buy at dips around 1.5585 with SL around 1.5525 for TP of 1.5670/1.5745.