GBP/USD Trade Idea

• Pattern formed- Channel pattern
  
  
• Major resistance - 1.4420 (trend line joining 1.43626 and 1.4407)
  
  
• Major support -1.4260 (trend line joining 1.4079 and 1.4170)
  
  
• The pair has made a high of 1.4413 and started to decline from that level. It is currently trading around 1.43630.
  
  
• On the higher side any break above 1.4420 will take the pair to next level around 1.4450/1.4500.
  
  
• Cable is facing short term support around 1.4350 and break below will drag the pair further down till 1.4300/1.4270/1.4250 level.

 It is good to sell on rallies around 1.4365-1.4370 with SL around 1.4420 for the TP of 1.427

R1-1.4420

 R2-1.4450

R3-1.4500

Support

S1-1.4300

S2-1.4270

S3- 1.4250