FxWirePro:GBP/USD faces strong resistance at 1.2435, good to sell on rallies
Major resistance – 1.2435 (Jan 5th high). Cable has recovered sharply after declining till 1.22528. It is currently trading around 1.23450. GBP/USD has made a slight jump above 61.8% retracement and started to decline fr…
Cable has recovered sharply after declining till 1.22528. It is currently trading around 1.23450.
GBP/USD has made a slight jump above 61.8% retracement and started to decline from that level.
The pair upside capped by 1.2435 (Jan 6th high) and any break above will take the pair till 1.2475 (61.8% retracement of 1.27780 and 1.19860).Short term trend reversal only above 1.2800. The minor resistance is around 1.23535.
On the lower side, short term support stands at 1.2200 and any break below will drag the pair down till 1.2080/1.2030/1.2000.
It is good to sell on rallies around 1.2345 with SL around 1.2435 for the TP of 1.2200/1.2090
