GBP/USD downside capped by 23.6% fibo, good to sell on rallies
Major support – 1.25113 (23.6% retracement of 1.19860 and 1.26736).
Major resistance -1.2680
Cable retreats after making a temporary around 1.2675 and declined sharply from that level. The pair reached till 1.25159 on Friday and showed a minor recovery from that level. It is currently trading around 1.25650.
On the lower side, it’s downside is capped by 23.6% fibo and any violation below that level confirms further weakness, a decline till 1.2435/1.24180 (Jan 24th low).
The pair should close above 1.26000 for further jump till 1.26750 (Jan 26th 2017 high).Any break above the high of 26th Jan will take the pair till 1.27750 level.
It is good to sell on rallies around 1.2570-1.2575 with SL around 1.2620 for the TP of 1.2515/1.2420.
Major resistance -1.2680
Cable retreats after making a temporary around 1.2675 and declined sharply from that level. The pair reached till 1.25159 on Friday and showed a minor recovery from that level. It is currently trading around 1.25650.
On the lower side, it’s downside is capped by 23.6% fibo and any violation below that level confirms further weakness, a decline till 1.2435/1.24180 (Jan 24th low).
The pair should close above 1.26000 for further jump till 1.26750 (Jan 26th 2017 high).Any break above the high of 26th Jan will take the pair till 1.27750 level.
It is good to sell on rallies around 1.2570-1.2575 with SL around 1.2620 for the TP of 1.2515/1.2420.
