19.05.201605:55:00UTC+00Fxwirepro: 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