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GBP/USD Trade Idea

  • Major resistance- 1.3100.
     
  • Major support – 1.2850.
     
  • Cable has recovered sharply till 1.30705 at the time of writing after making a low of 1.2865. It is currently trading at 1.3020.
     
  • Short term trend is still weak as long as resistance 1.3175 (Kijun-Sen) holds.
     
  • On the higher side, any break above will take the pair to next level till 1.3250/1.3300.
     
  • Technically immediate support is around 1.3000 and any break below will drag the pair to next level till 1.2950/1.2860.
     
  • Further weakness can be seen below 1.2850.

 It is good to sell on rallies around 1.3100 with SL around 1.3175 for the TP of 1.3000/1.2960.

R1- 1.3100

 R2-1.317

 R3-1.3250

Support

S1-1.3000

S2-1.2960

S3-1.2860

 

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