FxWirePro: GBP/USD upside capped by 5- day MA, good to sell on rallies
Major resistance- 1.2998 (5- day MA). Major intraday support – 1.2900. Cable has recovered sharply from the low of 1.2149 made on Friday. It is currently trading around 1.29388. On the higher side, major resistance is ar…
Cable has recovered sharply from the low of 1.2149 made on Friday. It is currently trading around 1.29388.
On the higher side, major resistance is around 1.3000 (5- day MA)and any break above will take the pair to next level till 1.3053 (7- day EMA)/ 1.3106 (10- day MA).
In the daily chart, the pair is trading well below 10-day MA and 5-day MA.Short term bullishness only above 1.3100.
Cable’s support stands at 1.2900 and any violation below will drag the pair down till 1.2865/1.2820.
It is good to sell on rallies around 1.2980-85 with SL around 1.3055 for the TP of 1.2900/1.2865.
