GBP/USD decline sharply U.K and EU divorce begins, go short
Cable declined drastically as Theresa May will invoke article 50 of the Lisbon treaty today at 11:00 GMT.The pair jumped till 1.26151 on 27th Mar 2017 and dipped sharply below 1.2500 level. GBP/USD has declined till 1.23760 at the time of writing.
On the lower side , near term support is around 1.23450 and any break below will drag the pair down till 1.2260/1.2200/1.2108 (Mar 14th 2017 low).
The near term resistance is around 1.2460 and any indicative break above will take the pair till 1.2520/1.2580/1.2635/1.2706 (Feb 2nd 2017 high). It should close above 1.2780 for bearish invalidation.
It is good to sell on rallies around 1.2420-1.2425 with SL around 1.2520 for the TP of 1.2200/1.2110.
On the lower side , near term support is around 1.23450 and any break below will drag the pair down till 1.2260/1.2200/1.2108 (Mar 14th 2017 low).
The near term resistance is around 1.2460 and any indicative break above will take the pair till 1.2520/1.2580/1.2635/1.2706 (Feb 2nd 2017 high). It should close above 1.2780 for bearish invalidation.
It is good to sell on rallies around 1.2420-1.2425 with SL around 1.2520 for the TP of 1.2200/1.2110.