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FxWirePro: GBP/USD upside capped by trend line resistance, good to sell on rallies

  • Cable has shown a jump of almost 200 pips from the low of 1.3711. The pair is trading weak and hits intraday low of 1.38579 and is currently trading around 1.38610.
     
  • USD weakness was mainly due to trade war and protectionism that was dominating the market. . US President Donald Trump said that US which has nearly USD 800 billion deficit is ready for trade war with other countries. Market awaits US ADP employment data for further direction.
     
  • Technically on the lower side, near term support is around 1.3835 (20- 4H MA) and any break below will drag the pair down till 1.3800/1.3760/1.3700. 
     
  • The near term resistance is around 1.3920 (trend line resistance) and break above will take the pair till 1.3960/1.4000. The pair should break above 1.4070 for further upside.

It is good to sell on rallies around 1.3885-90 with SL around 1.3950 for the TP of 1.3760/1.3700.

 

 

 

 

 

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