GBP/USD trades in narrow range, break below 1.2400 confirms minor reversal
Major intraday support - 1.2400 (trend line joining 1.2345 and 1.23875) Major Resistance – 1.2530 (50% retracement of 1.2706 and 1.2345) Cable has once again recovered and jumped slightly above 1.2500 level. It is curren…
Major intraday support - 1.2400 (trend line joining 1.2345 and 1.23875)
Major Resistance – 1.2530 (50% retracement of 1.2706 and 1.2345)
Cable has once again recovered and jumped slightly above 1.2500 level. It is currently trading around 1.24498.
On the lower any violation below 1.2400 will drag the pair down till 1.234500 (50% retracement of 1.19860 and 1.27060). Any break below 1.23450 confirms further weakness, a decline till 1.2260/1.2200 likely.
The minor trend reversal can be happen only above that 1.2580 level and any break above will take the pair till 1.2705 (Feb 2nd 2017 high)/1.27750 (Dec 6th 2016 high).The major resistance is around 1.2530 level.
Overall trend reversal only above 1.2780 level.
It is good to sell below 1.2400 with SL around 1.2455 for the TP of 1.2345/1.2300/1.2260.
