GBPUSD has shown a decline after a minor recovery from the low of 1.2725. Prices rebounded from the key support 1.2660-1.270.The pair has recovered sharply till 1.28495 after Fed Chairman Powell dovish statement. Cable pared all its gains on Brexit uncertainty.EU chief Brexit negotiator said that Brexit deal on table is the only deal possible. The pair hits intraday low of 1.27556 and is currently trading around 1.27640.Markets eye US Fed meeting minutes for further direction.
On the higher side, near term resistance is around 1.2820 and any break above targets 1.2865/1.2925. The pair should trade above 1.29269 (Nov 22nd high) for further bullishness.
The near term support is around 1.2720 (Nov 15th low) and any break below targets 1.2695/1.26617.
It is good to sell on rallies around 1.2815-20 with SL around 1.2870 for the TP of 1.26650.
