FxWirePro: GBP/USD trade weak on political uncertainty, good to sell on rallies

• UK Pound was trading weak against all majors after UK election results. Sterling ended last week as weakest major currency as may struggles to form a minority government after winning just 318 seats eight short of majority.
   
• The pair hits low of 1.26359 and shown a minor recovery from that level. The upside is capped by 1.2780 (support turned into resistance) and any break above confirms minor bullishness.
   
• On the lower side the pair near term support is around 1.2614 and any break below will drag the pair till , a decline till 1.2585/ (200- day MA)/1.2470 (61.8% retracement of 1.21088 and 1.30470) likely.
   
• The near term minor resistance is around 1.2780 (support turned into resistance) and any break above will take the pair till 1.2840 (50% retracement of 1.30476 and 1.26359)/1.2880 (21 EMA). The pair should break above 1.3050 for further bullish continuation.

It is good to sell on rallies around 1.2735-1.2740 with SL around 1.2805 for the TP of 1.2585/1.2470.