FxWirePro: Cable looks weak ahead of UK data, good to sell rallies

GBP/USD seeing some weakness after solid gains in the previous two sessions which retraced almost half of last week's drop.

• Persisting risk-on sentiment continues to boost appetite for the riskier assets such as the US dollar, weighing on cable
• Due later in the day are UK  industrial production and trade balance data, UK trade deficit is seen widening in July, while the industrial production is seen rebounding m/m
• Cable is currently trading at 1.5377, after opening at 1.5392, day's range 1.5404-1.5368
• Stochs on hourlies show bearish crossover at oversold levels, RSI biased lower, momentum studies base, 20 day Bolli's fall 5, 10 & 20 dma's conflict
• Immediate minor support is seen at 1.5352 (200-DMA), followed by a major support at 1.53 levels, next hurdle is seen at 1.5413 (previous day's high) and then 1.5491 (50% of last two week's drop)

Recommendation: Good to sell rallies around 1.5380, SL: 1.5410, TP: 1.5330.