• Major support – 1.2560 (trend line joining 1.19860 and 1.22605).
   
• Cable is in corrective phase after a huge gain from the low of 1.19860.The pair reached 1.26735 yesterday and declined sharply from that level on account of profit booking.
   
• GBP/USD breaks below trend line support 1.2550 and declined till 1.25309 at the time of writing.  It is currently trading around 1.25400.
   
•  Any close below 1.2560 confirms minor weakness, a decline till 1.2418 is possible.
   
• The major resistance is around 1.2680 high formed yesterday and any further jump can be seen only above that level .The minor resistance is around 1.2600/1.2635 level.
   
• On the lower side, near term support is at 1.2503 (100- day MA) and any break below will drag the pair to next level till 1.2435 (60- day EMA)/1.24180 (Jan 24th low).
  
  It is good to sell on rallies around 1.2550 with SL around 1.2600 for the TP of 1.2435