FxWirePro: GBP/USD trade Idea

• Major support – 1.23750
  
   
• Cable declined sharply below 1.2400 yesterday and declined till 1.23653. US dollar increased against all major pairs on Friday after better than expected unemployment data and surge in U.S bond yields.
   
• The pair broken support of 1.23750 and this confirms minor weakness, a decline till 1.23200 (Mar 17th low)/1.2260 (61.8% retracement of 1.19860 and 1.27060)/1.2200.
   
• On the higher side, minor bullishness can be seen only above 1.24800 and any break above targets 1.2520/1.2580/1.2616.Short term bearish invalidation only above 1.2706.
  
  
  It is good to sell on rallies around 1.2405-1.2410 with SL around 1.2480 for the TP of 1.2300/1.2260            

Resistance                                                                           

R1-1.2435                    

R2 -1.2480

R3- 1.2525

Support                   

S1-1.2350

S2-1.2320

S3-1.2260