Overall trend : Bearish
Major resistance- 1.29365 (trend line resistance)
Ichimoku Analysis (Daily Chart)
Tenken-sen- 1.2870
Kijun-Sen- 1.2868
GBPUSD has shown a good recovery of more than 100 pips on broad based selling in US dollar.The pair hits high of 1.29297 and is currently trading around 1.29248.
The pair is facing strong trend line resistance around 1.29350 and any violation above targets 1.29735/1.3000.
In the 4 hour chart it has formed bearish divergence and chance of slight decline is possible.
On the lower side, near term support is around 1.2900 and any break below targets 1.2868/1.2847. It should break below 1.2800 for further weakness.
It is good to sell on rallies around 1.2938-40 with SL around 1.3000 for the TP of 1.2868/1.2847.
