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FxWirePro:GBP/USD Trade idea

Thursday, January 5, 2017 12:36 PM UTC

Major resistance – 1.2362 (21- day EMA)
Major support - 1.2200
Cable retreated once again after jumping till 1.2366. It is currently trading around 1.23080.
The pair is facing strong resistance at 1.2365 and any minor bullishness can be seen only if it close above that level. Any close above 1.2365 will take the pair to next level till 1.2510/1.2550 (61.8% retracement of 1.27747 and 1.22005).Short term trend reversal only above 1.2800.
On the lower side , short term support stands at 1.2200 and any break below will drag the pair down till 1.2150/1.2080 level.

It is good to sell on rallies around 1.23100 with SL around 1.2365 for the TP 1.2250/1.2201.

Resistance

R1-1.23650

R2-1.2450

R3- 1.2510

Support

S1-1.2270

S2-1.2200

S3- 1.2150

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FxWirePro:GBP/USD Trade idea

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