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FxWirePro: GBP/USD upside capped by 5- day MA, good to sell on rallies

  • Major resistance- 1.2998 (5- day MA).
     
  •  Major intraday support – 1.2900.
     
  • Cable has recovered sharply from the low of 1.2149 made on Friday.  It is currently trading around 1.29388.
     
  • On the higher side, major resistance is around 1.3000 (5- day MA)and any break above will take the pair to next level till 1.3053 (7- day EMA)/ 1.3106 (10- day MA).
     
  • In the daily chart, the pair is trading well below 10-day MA and 5-day MA.Short term bullishness only above 1.3100.
     
  • Cable’s support stands at 1.2900 and any violation below will drag the pair down till 1.2865/1.2820.

It is good to sell on rallies around 1.2980-85 with SL around 1.3055 for the TP of 1.2900/1.2865.

 

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