Past 12 hours has been consolidation. Nothing really happening but a light volume rally. Rate is two-way in sympathy with EURO. Look for lower action today with bid interest from semi-official names.

Offers above the market mixed with stops from late shorts so be ready for whipsaw the next few days. Traders expect GBP to track EURO through this week. Continue to expect a lot of cross-trading.

GBP/USD Daily

Resistance 3:  1.9920
Resistance 2:  1.9880
Resistance 1:  1.9850/60
Latest New York: 1.9805
Support 1:  1.9750/60
Support 2:  1.9720
Support 3:  1.9680

Data due Thursday: All times EASTERN (-5 GMT)

2:00am GBP Nationwide HPI m/m

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com