GBP/USD trade weak on political uncertainty,sell on rallie
UK Pound was trading weak against all majors after UK election results. Sterling ended last week as weakest major currency as may struggles to form a minority government after winning just 318 seats eight short of majority.
The pair hits low of 1.26359 and shown a minor recovery from that level. The upside is capped by 1.2780 (support turned into resistance) and any break above confirms minor bullishness.
On the lower side the pair near term support is around 1.2614 and any break below will drag the pair till , a decline till 1.2585/ (200- day MA)/1.2470 (61.8% retracement of 1.21088 and 1.30470) likely.
The near term minor resistance is around 1.2780 (support turned into resistance) and any break above will take the pair till 1.2840 (50% retracement of 1.30476 and 1.26359)/1.2880 (21 EMA). The pair should break above 1.3050 for further bullish continuation.
It is good to sell on rallies around 1.2735-1.2740 with SL around 1.2805 for the TP of 1.2585/1.2470.
The pair hits low of 1.26359 and shown a minor recovery from that level. The upside is capped by 1.2780 (support turned into resistance) and any break above confirms minor bullishness.
On the lower side the pair near term support is around 1.2614 and any break below will drag the pair till , a decline till 1.2585/ (200- day MA)/1.2470 (61.8% retracement of 1.21088 and 1.30470) likely.
The near term minor resistance is around 1.2780 (support turned into resistance) and any break above will take the pair till 1.2840 (50% retracement of 1.30476 and 1.26359)/1.2880 (21 EMA). The pair should break above 1.3050 for further bullish continuation.
It is good to sell on rallies around 1.2735-1.2740 with SL around 1.2805 for the TP of 1.2585/1.2470.
