Cable trades weak on renewed Brexit fears,good to sell on rallie

FX:GBPUSD   British Pound / U.S. Dollar
206 0 4
Cable trades below major support of 1.4400 on renewed Brexit fears. It is currently trading at 1.4386.

According to Brexit poll conducted by YouGov recently shows a lead for Brexit. The poll was based on Wed-Friday survey of 3500 Britons commissioned by YouGov found 45 pct said that they would vote to leave EU compared to 41 pct ‘remain’.

The pair has currently broken the low made on 1.43850 (Jun 1st low) and declined till 1.43516.

Short term trend is weak as long as resistance 1.4450 holds. Any break below 1.4450 will take the pair till 1.4520/1.4580/1.4600.

Overall bearish invalidation only above1.4750 (200 day MA)

On the lower side any break below 1.4380 will drag the pair till 1.4330/1.42896/1.4240.

It is good to sell on rallies around 1.4450-460 with SL around 1.4600 for the TP of 1.4240/1.4000
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