FxWirePro: GBP/USD makes fresh record lows on “Hard Brexit”, good to sell on rallies
Sterling breaks the low made on Jul 7th 2016 (BrExit low) and made a fresh record low at 1.27344 at the time of writing. Cable declined sharply after Prime Minister Theresa May said UK will trigger Article 50 before the …
Sterling breaks the low made on Jul 7th 2016 (BrExit low) and made a fresh record low at 1.27344 at the time of writing.
Cable declined sharply after Prime Minister Theresa May said UK will trigger Article 50 before the end of March 2017.
GBP/USD has broken major support at 1.27893 and declined till 1.2735. Short term trend is weak as long as resistance 1.2960 (7- day EMA) holds .Any break above 7- day EMA (1.2960) will take the pair till 1.3000/1.3580 is possible. The minor resistance is around 1.2860 (support turned into resistance).
On the lower side, any break below 1.2735 will drag the pair further down till 1.2700/1.2507 (161.8% retracement of 1.2865 and 1.3445).
Overall bearish invalidation only above 1.3480.
It is good to sell on rallies around 1.2850 with SL around 1.3000 for the TP of 1.2510.
