GBP USD Technical Forex Analysis for Forex Traders

Rate is two-way and firmer due to cross-spreaders liquidating EURO-Sterling; repatriation also lending to the firm tone. Rate is likely to have a knee-jerk reaction to more rate cuts due later in the week but with a new 2008 low late in the month last month the probabilities are good that any rate cut is factored in.

Rate sees upside stops cleared around the 1.4680 area overnight putting the next level resistance around 1.4780 in play. Toolbox signals a trend sell as active from late in December likely running out of steam around the 1.4400 area so if holding shorts be nimble. Spillover from EURO not there today as spreaders unwind.
Traders note solid two-way action. Sellers hold control above 1.5100 area so far but if unable to make a new low or test the low-expect a short-squeeze. 

Resistance 3: 1.4950
Resistance 2: 1.4880
Resistance 1: 1.4740
Latest New York: 1.4556
Support 1: 1.4420/30
Support 2: 1.4350
Support 3: 1.4280

Data due Wednesday: All times EASTERN (-5 GMT)
5:30am GBP BRC Shop Price Index y/y

Forex Analysis by Jason Alan Jankovsky at For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check

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