• Major resistance – 1.2240 (23.6% retracement of 1.25820 and 1.21325).
   
• Cable recovered sharply from the low of 1.21325 till 1.22398 at the time of writing on account of weak US Dollar. US dollar declined slightly against all major pairs on Friday after weaker than expected wage growth which negated better than expected headline payroll numbers.
   
• BOE and FED meeting which is to held this week is major events for further direction.
   
• On the higher side, any break above 1.22430 will take the pair to next level 1.23000/1.23450.
   
• The next immediate support stands at 1.2130 and any break below will drag the pair down till 1.2080/1.20300.
  
  It is good to sell on rallies around 1.2235-1.2240 with SL around 1.2300 for the TP of 1.20880/1.2035