• 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.