GBPUSD Trade idea

• Major resistance -1.2550 (trend line joining 1.2435 and 1.25455)
   
• Major support – 1.24785 (trend line joining 1.22605 and 1.24180)
   
• Cable has taken support near 60 –day EMA and jumped sharply from that level. It is currently trading around 1.25795.
   
• The pair declined sharply after Supreme Court ruled that parliament approval is needed to trigger article 50.But downside is capped by 60- day- EMA and any break below will drag the pair down till 1.23560/1.2300. Short term support is around 1.24750 level.
   
• On the higher side, any break above will take the pair to next level 1.26265 (161.8% retracement of  1.25447 and 1.24180) and any break above will take the pair till 1.2725/1.2770.
  
  It is good to buy on dips around 1.2560 with SL around 1.2480 for the TP of 1.2620/1.2725             

Resistance                                                                                

R1-1.2620

R2-1.2725

R3- 1.2780

Support      

S1-1.2475

S2-1.2435

S3- 1.2380