GBP/USD trades well below ichimoku cloud, dip till 1.2650 likely
Cable has broken major support at 1.2850 (cloud bottom) and closed slightly below that level. The pair declined till 1.27918 at the time of writing and is currently trading around 1.27980.
The daily close the cloud confirms minor weakness and a dip till 1.26500 (200- day MA) likely. The nearby support is around 1.27763 (38.2% fibo) and any break below will drag the pair down till 1.2700/1.2650 (200- day MA).
On the higher side, minor jump can be seen only above 1.28770 (100- day MA) and any break above will take the pair till 1.2920/1.2955. Short term bearish invalidation only above 1.3050.
It is good to sell on rallies around 1.2805-1.2810 with SL around 1.2858 for the TP of 1.2725/1.2655.
The daily close the cloud confirms minor weakness and a dip till 1.26500 (200- day MA) likely. The nearby support is around 1.27763 (38.2% fibo) and any break below will drag the pair down till 1.2700/1.2650 (200- day MA).
On the higher side, minor jump can be seen only above 1.28770 (100- day MA) and any break above will take the pair till 1.2920/1.2955. Short term bearish invalidation only above 1.3050.
It is good to sell on rallies around 1.2805-1.2810 with SL around 1.2858 for the TP of 1.2725/1.2655.