FxWirePro:GBP/USD upside capped by 200- 4H MA, good to sell on rallies
Major resistance – 1.245 (200- 4H MA) Major support - 1.2200 Cable has broken minor resistance at 1.23880 and jumped till 1.2432. It is currently trading around 1.23750. The pair is facing strong resistance at 1.2450 and…
Cable has broken minor resistance at 1.23880 and jumped till 1.2432. It is currently trading around 1.23750.
The pair is facing strong resistance at 1.2450 and any minor bullishness can be seen only if it close above that level. Any close above 1.2450 will take the pair to next level till 1.2510/1.2550 (61.8% retracement of 1.27747 and 1.22005).Short term trend reversal only above 1.2800.
On the lower side , short term support stands at 1.2323 and any break below will drag the pair down till 1.2285 (61.8% retracement of 1.21988 and 1.24300)/1.2200 level.
It is good to sell on rallies around 1.2375-1.2380 with SL around 1.2450 for the TP of 1.2200
