FxWirePro: GBP/USD struggles to break above 200- day MA, good to sell on rallies
Tuesday, April 18, 2017 10:03 AM UTC
- 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 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.
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