GBP/USD has shown a gap down opening on account of Brexit uncertainty. The pair has opened 60 pips down on news that 4 pro EU UK ministers on verge of quitting and also EU has rejected May’s plan for an independent mechanism to oversee Britain’s departure from any custom’s arrangement it agrees.
The pair has broken major support 1.2920 and declined drastically for the day. It hits low of 1.28409. Short term trend is weak as long as resistance 1.3300 holds. The minor resistance is around 1.2965 and any violation above targets 1.3000/1.3050/1.3100. The minor reversal only above 1.3175 level.
On the lower side, near term support is around 1.2800 and any break below confirms bullish continuation and a dip till 1.2750/1.26900 is possible. Any break below 1.2660 confirms further weakness.
It is good to sell on rallies around 1.29000 with SL around 1.2955 for the TP of 1.2698.
