FxWirePro: GBP/USD upside capped by 233- H MA, good to sell on rallies
Cable has shown a minor jump after huge sell off in previous week. The major reason in previous week was dovish hike by BOE. The pair has jumped till 1.31777 at the time of writing. It is currently trading around 1.31477…
Cable has shown a minor jump after huge sell off in previous week. The major reason in previous week was dovish hike by BOE. The pair has jumped till 1.31777 at the time of writing. It is currently trading around 1.31477.
The minor jump in GBP was due to rumors that UK PM Theresa May is willing to accept Brexit bill of GBP53 billion as compensation for leaving European Union.
Technically, pair is facing strong support a 1.30270 and any break below will drag the p[air to next level till 1.300/1.2950. Any close below 1.3000 confirms major trend reversal, a dip till 1.27780 likely.
On the higher side, near term resistance is around 1.3175-180 and any break above will take the pair till 1.3230. Minor trend reversal only above 1.3230.
It is good to sell on rallies around 1.3145-1.3150 with SL around 1.3200 for the TP of 1.2785.
