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FxWirePro: GBP/USD recovers sharply on positive Brexit negotiations, good to sell on rallies

  • Cable recovers sharply on Friday after hitting 9- day low at 1.30878 on account of Brexit progress. But upside will capped due to Donald Trump tax cuts plan. The pair jumped till 1.32268 and is currently trading around 1.31644.
     
  • The British pound jumped sharply after Theresa May and the EU commission’s agreement goes in right direction. Britain’s Foreign sectary has urged EUROPEAN leaders to finish the deals as early as possible.  
     
  •  The near term major resistance is around 1.3230 and any break above will take the pair to next level till 1.330/1.33374 (Oct 13th 2017 high). 
     
  • On the lower side, 1.3075 will be acting as major support and any break below will drag the pair down till 1.30270 /1.3000 level. Bearish continuation can be seen only below 1.3030.

It is good to sell on rallies around 1.32000 with SL around 1.3235 for the TP of 1.3100/1.3075.

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