FxWirePro: GBP/USD Trade Idea

• Major resistance – 1.2380 (trend lien joining 1.24270 and 1.23903).
   
• Major support – 1.2300 (Nov 18th 2016 low)
   
• Cable has made a low of 1.2324 on Dec 21st 2016 and slightly recovered from that level. The pair jumped till 1.23903 and started to decline from that level. It is currently trading around 1.23338.
   
• Short term trend is still weak as long as resistance 1.24000 holds.
   
• On the higher side, any violation above 1.2400 will take the pair to next level till 1.2440/1.2510 in the short term.


• Short term bottom is around 1.2300 and any violation below will drag the pair down till 1.22358 (61.8% retracement of 1.27750 and 1.19048)/1.2150/1.2080.

It is good to sell below 1.23000 with SL around 1.24000 for the TP of 1.2155/1.2080.

Resistance                                                                                 

R1-1.2400

R2-1.2440

R3- 1.2510

Support      

S1-1.2300

S2-1.2230

S3- 1.2150