Cable bounced from dangerous zone after better than expected UK GDP data and is focusing again daily cloud base resistance (1.3196).
Gross Domestic Product showed stronger than expected growth in Q3 (0.4% vs 0.3% forecast) which further boosts the idea on BoE rate hike on next week’s meeting.
Fresh bullish sentiment underpins cable for renewed probe through cloud base / Tenkan-sen (1.3196/1.3212), break of which would open next key barrier at 1.3228 (triple upside rejection) for retest.
Twisting 4-hr cloud (1.3207) also attracts near-term bulls.
Close above 1.3228 pivot is needed to turn near-term structure into full bullish mode for further advance and test of daily cloud top (1.3260).
Res: 1.3212, 1.3228, 1.3242, 1.3260
Sup: 1.3182, 1.3146, 1.3100, 1.3087
