FxWirePro: GBP/USD faces strong resistance at 1.2520, good to sell on rallies
Major resistance – 1.2520 Cable rallied sharply till 1.2505 after better than expected CPI data yesterday. The pair has shown minor selling from the high. The pair is facing strong resistance around 1.2520 and any break …
Cable rallied sharply till 1.2505 after better than expected CPI data yesterday. The pair has shown minor selling from the high.
The pair is facing strong resistance around 1.2520 and any break above will take the pair till 1.2580. The pair should break above 1.25820 for further jump till 1.27060.
On the lower side, cable breaks minor near term support at 1.2450 and any break below targets 1.24099 (23.6% retracement of 1.2109 and 1.25059)/1.2345/1.2320 level in the short term.
The selling from 1.71796 till 1.19048 will come to an end only if it breaks above 1.2780 level.
It is good to sell on rallies around 1.2465-1.2470 with SL around 1.2520 for the TP of 1.2400/1.2345.
