- Major resistance -1.2550 (trend line joining 1.2435 and 1.25455)
- Major support – 1.24785 (trend line joining 1.22605 and 1.24180)
- Cable has taken support near 60 –day EMA and jumped sharply from that level. It is currently trading around 1.25795.
- The pair declined sharply after Supreme Court ruled that parliament approval is needed to trigger article 50.But downside is capped by 60- day- EMA and any break below will drag the pair down till 1.23560/1.2300. Short term support is around 1.24750 level.
- On the higher side, any break above will take the pair to next level 1.26265 (161.8% retracement of 1.25447 and 1.24180) and any break above will take the pair till 1.2725/1.2770.
It is good to buy on dips around 1.2560 with SL around 1.2480 for the TP of 1.2620/1.2725
Resistance
R1-1.2620
R2-1.2725
R3- 1.2780
Support
S1-1.2475
S2-1.2435
S3- 1.2380


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