Cable has shown a major pullback after making a low of 1.27680 and hits 1.29208 level. The pair movement is driven by political uncertainty in U.K. GBP declined against all majors yesterday European session as YouGov model suggests hung parliament after elections. But sudden recovery has happened after other polls indicate quite a substantial lead for PM May. The pair is currently trading around 1.28585.
On the higher side, minor resistance is around 1.2925 (10- day MA) and any break above will take the pair till 1.2950/1.3000. Any major bullishness can be seen only above 1.3050.
Cable major support is around 1.2750 ( Apr
21st low) and any break below will drag the pair down till 1.2705/1.2600.
It is good to sell on rallies around 1.2915 with SL around 1.2955 for the TP of 1.2765.