FxWirePro:GBP/USD upside capped by 23.6% fibo, good to sell on rallies
Major resistance – 1.2200 (support turned into resistance) Major support - 1.2000 Cable has declined drastically after Theresa May comment on Hard Brexit. The pair broken major pschycological support at 1.2000 and declin…
Major resistance – 1.2200 (support turned into resistance)
Major support - 1.2000
Cable has declined drastically after Theresa May comment on Hard Brexit. The pair broken major pschycological support at 1.2000 and declined till 1.19870.It is currently trading around 1.20555.
The pair upside capped by 1.2905 (23.6% retracement of 1.24325 and 1.19870) and any break above will take the pair till 1.21500/1.2200.Any close above 1.22200 will take the pair to next level till 1.2328 (30- day EMA)/ 1.24325 (Jan 5th 2017 high).Short term trend reversal only above 1.2800.
On the lower side, short term support stands at 1.1980 and any break below will drag the pair down till 1.19048 Brexit low.
It is good to sell on rallies around 1.2075-1.2080 with SL around 1.21500 for the TP of 1.1980/1.19050.
