FxWirePro: GBP/USD trades lower, good to sell on rallies
Cable recovered slightly after posting a low of 1.2400 in the European session . The pair jumped till 1.24777 at the time of writing. It is currently trading around 1.24549. Investors keenly await European council Donald…
Cable recovered slightly after posting a low of 1.2400 in the European session . The pair jumped till 1.24777 at the time of writing. It is currently trading around 1.24549.
Investors keenly await European council Donald Tusk response to UK PM on Brexit proceedings.
On the lower side, near term support is around 1.23750 and any break below will drag the pair down till 1.23200/1.2260/1.2200/1.2108 (Mar 14th 2017 low).
The near term resistance is around 1.2480 and any indicative break above will take the pair till 1.2520/1.2580/1.2635/1.2706 (Feb 2nd 2017 high). It should close above 1.2780 for bearish invalidation.
It is good to sell on rallies around 1.2460-1.2465 with SL around 1.2530 for the TP of 1.2375/1.2320.
