GBP/USD breaks major support at 1.2430, decline till 1.2345 likely
Major resistance – 1.2585 (100- day EMA) Major support -1.2430 (38.2% retracement of 1.19860 and 1.27060) Cable has broken major support of 1.2430 level and declined till 1.24197 at the time of writing. The pair is curre…
Major support -1.2430 (38.2% retracement of 1.19860 and 1.27060)
Cable has broken major support of 1.2430 level and declined till 1.24197 at the time of writing. The pair is currently trading around 1.24330 level.
The pair upside capped by 100 –day EMA and any break above will take the pair till 1.26750/1.27060 (Feb 2nd 2017 high).The minor resistance is around 1.2474 (21- day EMA) and any break above targets 1.2550/1.25850.
On the lower side, next immediate support is around 1.2430 (38.2% retracement of 1.19860 and 1.27060) and any break below will drag the pair down till 1.2345 (Feb 7th 2017 low)/1.2300.
Short term bearish invalidation only above 1.2780.
It is good to sell on rallies around 1.2455-1.2460 with SL around 1.2525 for the TP of 1.2345
