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FxWirePro: GBP/USD trades above 1.4600 on fading Brexit, good to buy at dips

  • Major resistance- 1.4600
     
  • Major support – 1.4550
    (resistance turned into Support)
     
  • Cable has surged drastically yesterday till 1.46345 after a poll showed more supporters favouring UK to stay in the EU.
     
  • Cable has declined till 1.44035 on yesterday on account of US fed rate hike hopes .But recovered sharply in the European session and closed around 1.45959.
     
  • On the higher side any break above 1.4600 will take the pair till 1.4660/1.4700/1.4769.
     
  • Minor weakness can be seen only below 1.4550 and break below targets 1.4500/1.4450.
     
  • Overall trend is slightly bullish but traders await UK monthly retail sales for further direction.UK monthly retail sales is expected to increase by 0.6% as against decline of 1.3% in previous month.

It is good to buy at dips around 1.4615-4620 with SL around 1.4550 for the TP of 1.4765

  • Market Data
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