GBPUSD recovered slightly till 1.28525 and declined almost 100 pips yesterday shows that bears are in full control. It hits 10 week low at 1.2755 and is currently trading around 1.27659.
The jump in pound sterling is short lived after UK annual budget speech. UK Chancellor of the Exchequer Phillip Hammond was optimistic on UK and promised to boost government spending. But overall Brexit uncertainty and broad based US dollar buying is putting pressure on GBP.
On the lower side, near term major support is around 1.2750 (trend line support) and any break below targets 1.2660.
The major resistance is around 1.2860 and any violation above will take the pair to next level till 1.2925/1.3000. The break above 1.3300 confirms that bearish trend from 1.43767 will get over at 1.26617.
It is good to sell on rallies around 1.2800 with SL around 1.2855 for the TP of 1.2660.
