FxWirePro: GBP/USD struggles to break above 200- day MA, good to sell on rallies
Major Resistance – 1.2630 (200- day MA). Cable cracked 1.2600 barrier and jumped till 1.26071 at the time of writing .The pair is facing strong resistance at 1.2615 (Mar 27th high) and 1.2630 (200- day MA and trend line …
Cable cracked 1.2600 barrier and jumped till 1.26071 at the time of writing .The pair is facing strong resistance at 1.2615 (Mar 27th high) and 1.2630 (200- day MA and trend line resistance). Any break above the major resistance will take the pair till 1.27060 (Feb 2nd 2017 high).
On the lower side, near term support is around 1.24800 (100- day EMA) and any break below will drag the pair down till 1.2455 (21- day EMA)/1.2400/1.23650 (Apr 7th low).
Short term bearish invalidation only above 1.27750 (Dec 6th 2017 high).
It is good to sell on rallies around 1.2560-1.2565 with SL around 1.2635 for the TP of 1.2485/1.2400.
