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Short GBPUSD: Trend line break out : FxWirePro | January 9, 2018
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Cable has shown a minor selling after hitting high of 1.3585 made yesterday. The main reason for decline happened after reshuffle in UK government. The pair declined almost 75 pips for the intraday. It is currently trading around 1.35284.
The US dollar 0.25% has gained strength on hopes of three rate hikes in 2018. Hawkish stance by various Fed members has re-affirmed the chance of three rate hikes by Fed.
On the lower side, near term support is around 1.350 (23.6% fibo) and any break below will drag the pair to next level till 1.3430/1.34020 ( 61.8% retracement ). Short term bullish invalidation only below 1.3330.
The near term resistance is around 1.3600 and any break above will take the pair to next level till 1.3655/1.3700. Bullish continuation only above 1.3650.
It is good to sell on rallies around 1.3540-45 with SL around 1.35850 for the TP of 1.3430
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