GBP/USD faces major resistance at 1.4180,good to sell on rallies

FX:GBPUSD   British Pound / U.S. Dollar
261 0 10
Major resistance – 1.4182

Major support – 1.4000

The pair has slightly retreating after making a high of 1.4140. It is currently trading around 1.40968.

On the higher side minor resistance is around 1.4150 and break above targets 1.4180/1.4250 level.

Cable has formed temporary bottom around 1.4000 yesterday and recovered from that level. So any major weakness can be seen only below 1.4000. Break below 1.4000 will drag the pair down till 1.3920/1.3835 in short term.

Overall bearish invalidation only if it closes above 1.4400.

It is good to sell on rallies around 1.4090-1.4095 with SL around 1.4150 for the TP of 1.4000/1.3920
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