GBP/USD breaks below 1.2600 handle, targets 1.23000
Major resistance – 1.27750
Major support – 1.26000
Cable forms a temporary top around 1.27750 yesterday and shown a massive selling from that level. It is currently trading around 1.25899.
The pair breaks major support 1.2600 handle and declined till 1.25823 from that level at the time of writing.
Short term trend is bearish as long as resistance 1.27750 holds.
The temporary top formed at 1.27750 (Dec 7th high) will be acting as major trend reversal level. Any break above will take the pair till 1.2800/1.2845.The minor resistance is at 1.2680/1.2700.
On the lower side, any break below 1.26000 will drag the pair down till 1.2550/1.2500.Minor trend reversal only below 1.2300.
It is good to sell on rallies around 1.2600 with SL around 1.2680 for the TP of 1.2500/1.2380
Major support – 1.26000
Cable forms a temporary top around 1.27750 yesterday and shown a massive selling from that level. It is currently trading around 1.25899.
The pair breaks major support 1.2600 handle and declined till 1.25823 from that level at the time of writing.
Short term trend is bearish as long as resistance 1.27750 holds.
The temporary top formed at 1.27750 (Dec 7th high) will be acting as major trend reversal level. Any break above will take the pair till 1.2800/1.2845.The minor resistance is at 1.2680/1.2700.
On the lower side, any break below 1.26000 will drag the pair down till 1.2550/1.2500.Minor trend reversal only below 1.2300.
It is good to sell on rallies around 1.2600 with SL around 1.2680 for the TP of 1.2500/1.2380
