GBP/USD: Trade idea

• Pattern formed – Double Top and 2618 trade.
   
• Major resistance – 1.2435 (Jan 5th high).
   
• Cable has made a high of 1.24169 and slightly declined from that level. It is currently trading around 1.23250.


• 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
• Resistance                                                                                 

R1-1.2435

R2-1.2475

R3- 1.2510

Support      

S1-1.2200

S2-1.2080

S3- 1.2000