GBP/USD upside capped by 21- EMA, good to sell on rallies
Cable has shown a minor recovery till 1.28880 yesterday after hitting low 1.27750 on May 26th 2017. GBP declined against all majors as YouGov model suggests hung parliament after elections. The pair is currently trading around 1.28249.
On the higher side, minor resistance is around 1.2880 (21- EMA) and any break above will take the pair till 1.2950/1.3000. Any minor intraday bullishness can be seen only above 21 EMA.
Cable major support is around 1.27750 (resistance turned into support) and any break below will drag the pair down till 1.2705/1.2600.
It is good to sell on rallies around 1.2825 with SL around 1.2880 for the TP of 1.2750/1.2705.
On the higher side, minor resistance is around 1.2880 (21- EMA) and any break above will take the pair till 1.2950/1.3000. Any minor intraday bullishness can be seen only above 21 EMA.
Cable major support is around 1.27750 (resistance turned into support) and any break below will drag the pair down till 1.2705/1.2600.
It is good to sell on rallies around 1.2825 with SL around 1.2880 for the TP of 1.2750/1.2705.