Pattern formed – Bullish Gartley pattern
Major support - 1.24180 (Jan 24th 2017 low)
Cable has broken 23.6% fibo at 1.25113 and declined till 1.24658 yesterday. The pair has formed bullish Gartley pattern in the hourly chart and is expected to show a slight jump till 1.26000.
On the lower side, major support is around 1.24180 and any minor weakness can be seen only below that level. Any break below 1.24180 will drag the pair down till 1.2340 (21- day MA)/1.2250 (61.8% retracement of 1.19860 and 1.26736).
GBP/USD should break above 1.2680 for further jump till 1.27750 level. Overall bearish invalidation only above 1.2780.
It is good to buy on dips around 1.2485-1.2490 with SL around 1.2450 for the TP of 1.2580/1.26000
Major support - 1.24180 (Jan 24th 2017 low)
Cable has broken 23.6% fibo at 1.25113 and declined till 1.24658 yesterday. The pair has formed bullish Gartley pattern in the hourly chart and is expected to show a slight jump till 1.26000.
On the lower side, major support is around 1.24180 and any minor weakness can be seen only below that level. Any break below 1.24180 will drag the pair down till 1.2340 (21- day MA)/1.2250 (61.8% retracement of 1.19860 and 1.26736).
GBP/USD should break above 1.2680 for further jump till 1.27750 level. Overall bearish invalidation only above 1.2780.
It is good to buy on dips around 1.2485-1.2490 with SL around 1.2450 for the TP of 1.2580/1.26000
