GBP/USD has lost more than 100 pips from the high of 1.27582 on Brexit uncertainty. The pair hits 17-month low of 1.2379 after European Commission rejected the option of Brexit re-negotiations. UK PM Theresa May might delay the vote and buy more time to prove the strength in Parliament.It is currently around 1.26397.
The pair has broken major support of 1.26586 low made on Dec 4th 2018 and this confirms further weakness , a decline till 1.2600/1.25890/1.2500.
On the higher side, near term major resistance is around 1.27600 and any break above targets 1.2800/1.2840.
It is good to sell on rallies around 1.2720-25 with SL around 1.2765 for the TP of 1.2500.
