FxWirePro:GBP/USD faces strong resistance at 1.2680, good to sell on rallies
Major support - 1.2398 (30- day EMA). Pattern formed – Bearish Divergence Cable has taken support near 30 –day EMA and jumped sharply till 1.26313 from that level. The pair should close below 1.2400 for further weakness.…
Cable has taken support near 30 –day EMA and jumped sharply till 1.26313 from that level. The pair should close below 1.2400 for further weakness.
On the lower side, major support is around 1.2400 and any minor weakness can be seen only below that level. Any break below 1.2400 will drag the pair down till 1.2355 (21- day MA)/1.2250 (61.8% retracement of 1.19860 and 1.26736).
GBP/USD should break above 1.2680 for further jump till 1.27750 level. Overall bearish invalidation only above 1.2780.
It is good to sell on rallies around 1.2670 -1.2675 with SL around 1.2745 for the TP of 1.25000/1.2430
