FxWirePro :GBPUSD recovers slightly more than 50 pips from low of 1.29215, good to sell on rallies

Ichimoku analysis (8 hour chart)

Tenken-Sen- 1.2972

Kijun-Sen - 1.3040

GBPUSD hits low of 1.29215 and shown a good recovery of more than 50 pips from the low. The slight recovery was due to slight decline in US dollar index after a huge jump of more than 200 pips in past one week.  The pair hits high of 1.29782 and is trading around 1.29672.

On the higher side, near term trend line resistance is around 1.2990 (trend line joining 1.31150 and 1.30230) and break above will take the pair to till 1.3045 /1.3100. The pair should break above 1.3115 for further bullishness.

The near term support is around 1.29580 (200- 8H MA) and any violation below will drag the pair down till 1.29200/1.2880/1.2830. It should close below 1.2780 for bearish continuation.

It is good to sell on rallies around 1.2990 with SL around 1.3045 for the TP of 1.2890/1.2835.