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FxWirePro:GBP/USD faces strong resistance at 1.2435, good to sell on rallies

  • Major resistance – 1.2435 (Jan 5th high).
     
  • Cable has recovered sharply after declining till 1.22528. It is currently trading around 1.23450.
     
  • GBP/USD has made a slight jump above 61.8% retracement and started to decline from that level.
     
  • The pair upside capped by 1.2435 (Jan 6th high) and any break above will take the pair till 1.2475 (61.8% retracement of 1.27780 and 1.19860).Short term trend reversal only above 1.2800. The minor resistance is around 1.23535.
     
  • On the lower side, short term support stands at 1.2200 and any break below will drag the pair down till 1.2080/1.2030/1.2000.

    It is good to sell on rallies around 1.2345 with SL around 1.2435 for the TP of 1.2200/1.2090
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