GBP/USD breaks major intraday trend line, dip till 1.2380 likely
Major resistance – 1.25820 (Feb 9th 2017 high).
Major support – 1.2480 (trend line joining 1.2108 and 1.23584).
Cable rallied till 1.25311 after better than expected U.K retail sales data. The quantity bought in retail sales increased by 3.7% compared with Feb last year and increased by 1.4% vs previous month Jan.
The pair declined slightly after hitting the high of 1.25311 and any further bullishness only above 1.25820.
Any break above 1.25820 will take the pair till 1.27060. Short term bearish invalidation only above 1.2780.
On the lower side, any break below 1.24200 will drag the pair till 1.23800/1.2345 in the short term.
It is good to sell on rallies around 1.2480-85 with SL around 1.2535 for the TP of 1.2420/1.2382.
Major support – 1.2480 (trend line joining 1.2108 and 1.23584).
Cable rallied till 1.25311 after better than expected U.K retail sales data. The quantity bought in retail sales increased by 3.7% compared with Feb last year and increased by 1.4% vs previous month Jan.
The pair declined slightly after hitting the high of 1.25311 and any further bullishness only above 1.25820.
Any break above 1.25820 will take the pair till 1.27060. Short term bearish invalidation only above 1.2780.
On the lower side, any break below 1.24200 will drag the pair till 1.23800/1.2345 in the short term.
It is good to sell on rallies around 1.2480-85 with SL around 1.2535 for the TP of 1.2420/1.2382.
