Cable declined sharply in previous week and touched low of 1.30270 on account political uncertainty in UK. Pound sterling was the worst performing currency in the previous week over the fresh political uncertainty as Theresa May’s day at Downing Street are expected to be numbered.
GBP/USD shown a minor recovery from the low of 1.30270 and is currently trading around 1.31180. The Intraday term trend is still weak as long as 1.3180 (23.6% retracement of 1.36574 and 1.30272). Any break above 1.3180 will take the pair to next level till 1.3230/1.3280 (daily Kijun-Sen)/1.3300. The near term resistance is around 1.3135 (50- day MA)/1.3160.
On the lower side, near term major support is around 1.3015 (100- day MA) and any break below will drag the pair down till 1.2950 (trend line support)/1.28697 (50% fibo)/1.2850. Bearish continuation can be seen below 1.2770 (Resistance turned into support).
It is good to sell on rallies around 1.31350 with SL around 1.3180 for the TP of 1.3060/1.3015.
GBP/USD shown a minor recovery from the low of 1.30270 and is currently trading around 1.31180. The Intraday term trend is still weak as long as 1.3180 (23.6% retracement of 1.36574 and 1.30272). Any break above 1.3180 will take the pair to next level till 1.3230/1.3280 (daily Kijun-Sen)/1.3300. The near term resistance is around 1.3135 (50- day MA)/1.3160.
On the lower side, near term major support is around 1.3015 (100- day MA) and any break below will drag the pair down till 1.2950 (trend line support)/1.28697 (50% fibo)/1.2850. Bearish continuation can be seen below 1.2770 (Resistance turned into support).
It is good to sell on rallies around 1.31350 with SL around 1.3180 for the TP of 1.3060/1.3015.