GBP/USD: Double top and 2618 trade setup
Pattern formed – Double Top and 2618 trade
Major resistance – 1.2435 (Jan 5th high)
Cable has made a high of 1.24169 and slightly declined from that level. It is currently trading around 1.22885.
The pair upside capped by 1.2435 (Jan 6th high) and any break above will take the pair till 1.2475 (61.8% retracement of 1.27780 and 1.19860).Short term trend reversal only above 1.2800. The minor resistance is around 1.23535.
On the lower side, short term support stands at 1.2200 and any break below will drag the pair down till 1.2080/1.2030/1.2000.
It is good to sell on rallies around 1.2345 with SL around 1.2435 for the TP of 1.2200/1.2090
Major resistance – 1.2435 (Jan 5th high)
Cable has made a high of 1.24169 and slightly declined from that level. It is currently trading around 1.22885.
The pair upside capped by 1.2435 (Jan 6th high) and any break above will take the pair till 1.2475 (61.8% retracement of 1.27780 and 1.19860).Short term trend reversal only above 1.2800. The minor resistance is around 1.23535.
On the lower side, short term support stands at 1.2200 and any break below will drag the pair down till 1.2080/1.2030/1.2000.
It is good to sell on rallies around 1.2345 with SL around 1.2435 for the TP of 1.2200/1.2090
