GBP/USD Trade idea

• Major resistance – 1.2552
   
• Cable has formed temporary around 1.2552 and declined sharply from that level. It is currently trading around 1.23800.
   
• On the lower side, any break below 1.23800 will drag the pair down till 1.2350 (100- day 4H MA)/1.2328 (200- day MA)/1.2280.
   
• The top formed today might be acting as short term resistance and any break above targets 1.2665 (50% retracement of 1.34461 and 1.19048)/1.2700.

It is good to sell on rallies around 1.2435-1.24440 with SL of 1.2556 for the TP of 1.2285   

Resistance
 

R1-1.2560
 

R2-1.2665
 

R3-1.2700
 

Support
       

S1-1.2350
 

S2-1.2320
       

S3- 1.2280