FxWirePro: GBP/USD struggles to close above 5- day MA, good to sell on rallies
Cable has shown a minor recovery till 1.28770 at the time of writing after hitting low of 1.27750. The pair is currently trading around 1.28490. On the higher side, minor resistance is around 1.2905 (5- day MA) and any b…
Cable has shown a minor recovery till 1.28770 at the time of writing after hitting low of 1.27750. The pair is currently trading around 1.28490.
On the higher side, minor resistance is around 1.2905 (5- day MA) and any break above will take the pair till 1.2950/1.3000. Any minor intraday bullishness can be seen only above 5 day MA and 38.2% retracement.
Cable major support is around 1.27750 (resistance turned into support) and any break below will drag the pair down till 1.2705/1.2600.
It is good to sell on rallies around 1.2860-1.2865 with the SL at 1.2905 for the TP of 1.27750/1.2705.
