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GBP/USD breaks major resistance at 1.2400 handle, jump till 1.2520 likely

  • Major resistance – 1.2400 (Support turned into resistance)
     
  • Cable rallying sharply or the past four trading session and breaks 1.2400 handle . The pair jumped till 1.24350. It is currently trading around 1.24179.
     
  • GBP rallying against all major pairs after BOE has kept its interest rates unchanged at 0.25% but one of the committee member Forbes who leaves at end of June voted against rest of member for a rate hike of 25bpbs due to rising inflation.
     
  • Cable upside is capped by 1.24350 (trend line joining 1.27060 and 1.25695) and any break above will take the pair till 1.2520. The pair should break above 1.25820 for further jump till 1.27060.
     
  • On the lower side , near term support is around 1.2380 and any break below targets 1.2320/1.2283 (100- 4H EMA)/1.2250 level.

    It is good to buy on dips around 1.2400-1.2405 with SL around 1.2345 for the TP of 1.2520   
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2017-05-26 10:27:21
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