Major support – 1.2560 (trend line joining 1.19860 and 1.22605)
Cable is in corrective phase after a huge gain from the low of 1.19860.The pair reached 1.26735 yesterday and declined sharply from that level on account of profit booking.
GBP/USD breaks below trend line support 1.2550 and declined till 1.25309 at the time of writing. It is currently trading around 1.25400.
Any close below 1.2560 confirms minor weakness, a decline till 1.2418 is possible.
The major resistance is around 1.2680 high formed yesterday and any further jump can be seen only above that level .The minor resistance is around 1.2600/1.2635 level.
On the lower side, near term support is at 1.2503 (100- day MA) and any break below will drag the pair to next level till 1.2435 (60- day EMA)/1.24180 (Jan 24th low).
It is good to sell on rallies around 1.2550 with SL around 1.2600 for the TP of 1.2435