Major support – 1.4400
Major trend reversal level- 1.4520
The pair has made a high of 1.45145 and started to decline from that level. It is currently trading at 1.44160.
GBP has started to decline in the Asian session on renewed ‘Brexit’ concern as Iain Duncan Smith Secretary of State for Work and Pensions resigned on Friday.
The senior minister Iain Duncan Smith resigned after Chancellor George Osborne announced proposed cuts to disability benefits. This is a big loss to David Cameron and potentially throws a big spanner into his party's unity.
Any break below 1.4400 will drag the pair down till 1.4360/1.4280 level.
On the higher side minor resistance is around 1.4461 and break above targets 1.4520/1.4580 level.
It is good to sell on rallies around 1.4430-35 with SL around 1.4500 for the TP of 1.4280