FxWirePro: GBP/USD upside capped by 21- day EMA, good to sell on rallies
Major resistance – 1.2390 (21- day EMA) Major support - 1.2200 Cable made a minor bottom at 1.22005 on Dec 28th 2016 and slightly jumped from that level. It is currently trading around 1.22930. The pair upside is capped …
Cable made a minor bottom at 1.22005 on Dec 28th 2016 and slightly jumped from that level. It is currently trading around 1.22930.
The pair upside is capped by 21- day EMA and any minor bullishness can be seen only if it close above that level. Any close above 1.2400 will take the pair to next level till 1.2510/1.2550 (61.8% retracement of 1.27747 and 1.22005).Short term trend reversal only above 1.2800.
On the lower side, short term support stands at 1.2200 and any break below will drag the pair down till 1.2150/1.2080 level.
It is good to sell on rallies around 1.2330-1.2335 with SL around 1.2400 for the TP of 1.2200
