FxWirePro: GBP/USD Trade idea

• Major resistance – 1.2400 (Support turned into resistance)
   
• Cable rallied sharply post Fed meeting and further supported by BOE monetary policy which was held yesterday.
   
• 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. GBP rallied against all major pairs.
   
• Cable upside is capped by 1.2400 and any close above will take the pair till 1.24450 (trend line joining 1.27060 and 1.25695)/1.2520. The pair should break above 1.25820 for further jump till 1.27060.
   
• On the lower side , near term support is around 1.2300 and any break below targets  1.2283 (100- 4H EMA)/1.2250 level.
  
  It is good to buy on dips around 1.2375-1.2380 with SL around 1.2320 for the TP of 1.2440/1.2520  

Resistance                                                                  R1-1.2400                           

R2 -1.2440

R3- 1.2520

Support                   

S1-1.2300                

S2-1.2250

S3-1.2200