FxWirePro: GBP/USD trade idea

• Major resistance – 1.2585 (100- day EMA)
   
• Major support -1.2430 (38.2% retracement of 1.19860 and 1.27060).
   
• Cable declined sharply after making an intraday high of 1.25475.The pair is currently trading around 1.24625 level.
   
• The pair upside capped by 100 –day EMA and any break above will take the pair till 1.26750/1.27060 (Feb 2nd 2017 high).
   
• On the lower side, next immediate support is around 1.2430 (38.2% retracement of 1.19860 and 1.27060) and any break below will drag the pair down till 1.2345 (Feb 7th 2017 low)/1.2300.
   
• Short term bearish invalidation only above 1.2780.
  
  It is good to sell on rallies around 1.2500 with SL around 1.2550 for the TP of 1.2430/1.2350

Resistance                                                                              

R1-1.2500                           

R2 -1.2550

R3- 1.2580

Support      

S1-1.24300

S2-1.2350

S3- 1.23000