FxWirePro: GBP/USD Trade Idea

• Cable declined sharply after hitting a high of 1.28144 yesterday. Pound tumbled in the European session after BOE Governor Carney ruled out rate hike in the Mansion house speech. The pair declined till 1.26680 and is currently trading around 1.2650
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• On the lower side the pair’s major 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 minor support is around 1.2780/1.2690.
   
• The near term minor resistance is around 1.2760 (200- HMA) and any break above will take the pair till 1.2793 (38.2% retracement of 1.30475 and 1.2635)/1..2820. The pair should break above 1.3050 for further bullish continuation.

It is good to sell on rallies around 1.2705-1.2710 with SL around 1.2760 for the TP of 1.26150/1.2580.

Resistance
                   

R1-1.2760
                               

R2 -1.2820
 

R3- 1.2885
 

Support   
 

S1-1.2614
 

S2-1.2585

S3-1.2500