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Cable is trading in narrow range between 1.2616 and 1.23650 for the past 12 session. GBP/USD spiked above 1.25 pschycological resistance and jumped till 1.25736.
The pair declined after a jump till 1.25735 and is currently trading around 1.25375.The minor bullishness can be seen above 1.2640 (200- day MA).
On the lower side, near term support is around 1.24800 (100- day EMA) and any break below will drag the pair down till 1.2430 (21- day EMA)/1.2400/1.23650 (Apr 7th low).
Short term bearish invalidation only above 1.2706.
It is good to sell on rallies around 1.25400 with SL around 1.25800 for the TP of 1.2460/1.2400.
