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Short

Sell GBP/USD on rallies

FX:GBPUSD   British Pound / U.S. Dollar
309 0 15
Major resistance- 1.2250 .

Cable has once again retreated after jumping till 1.22433. It is currently trading around 1.2230.

The intraday trend is bearish as long as resistance 1.2250 holds.

Any violation above 1.2250 will take the pair to next level till 1.2275/1.23325 (Oct 19th 2016 high).

The immediate support of cable stands at 1.2200 and any indicative break below targets 1.2170/1.2150/1.20880 (Oct 11th 2016 low).

Short term trend reversal only above 1.3325 level.

It is good to sell on rallies around 1.2228-1.22230 with SL around 1.2260 for the TP of 1.2150/1.20890
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