FxWirePro: GBP/USD Daily Outlook

• Cable is consolidating in narrow range between 1.35194 and 1.33029 for the past 7 trading session. The UK and EU has reached deal for the first phase on Friday and next phase on trade negotiations is expected to happen very soon. The pair has recovered almost 100 pips from the low of 1.33029 made on Dec 15th 2017 and is currently trading around 1.3380.
   
• The UK full cabinet discussion on trading relationship is expected to happen today in continuation with preliminary discussion happened yesterday. Any positive move on the next phase will take the pair to year high at 1.35498.
   
• On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
   
• The near term resistance is around 1.3420 (trend line joining 1.35204 and 1.34654) and any break above will take the pair to next level till 1.3470/1.3520. Bullish continuation only above 1.3550.

It is good to sell on rallies around 1.3500 with SL around 1.3555 for the TP of 1.3300/1.3220.