GBP/USD outlook: Not as bad as expected UK GDP slows bears
GBP/USD
Cable edged higher after UK GDP data came not as bad as expected (March -5.8% vs -8% f/c / Q1 -2% vs -2.5% f/c) but remains within daily cloud, which was eventually penetrated on Tuesday after two unsuccessful attempts. Cloud is narrowing and twists on Thursday, but top reverted to resistance (1.2309) and so far caps, maintaining slight bearish bias on close within daily cloud and negative 4-hr studies. Fresh bears need break below 1.2247 (21 Apr low) and daily cloud base (1.2217) to generate further signal and expose key support at 1.2174 (Fibo 38.2% of 1.1409/1.2647). Bounce and close above the cloud would sideline immediate downside risk and keep the pair within the existing range.
Res: 1.2309; 1.2355; 1.2377; 1.2404 "
Sup: 1.2247; 1.2217; 1.2200; 1.2174
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