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GBPUSD halted its bullish trend after a massive recovery of more than 400 pips in two trading days. Cable’s jump was mainly due to positive Brexit news. UK Parliament has rejected no deal Brexit and next vote is to be happened on Wednesday ahead of EU summit starting Thursday. UK is expected to ask extension of more than a year which will require EU-2 approval. The pair declined sharply after hitting high of 1.33805 and is currently trading around 1.32415.
On the higher side near term resistance is around 1.3300 and any violation above will take the pair to next level till 1.3380/1.3435.
The near term support is around 1.3200 and any break below will drag the pair till 1.31277 (61.8% fib)/1.30580/1.3000. Any violation below 1.29600 confirms bearish continuation.
It is good to sell on rallies around 1.3300 with SL around 1.3380 for the TP of 1.3000.
