GBP USD Technical Forex Analysis for Forex Traders
Rate makes highs into early New York; probes for stops over the 1.5000 and 1.5100 handle; inexplicable rally to the 1.5280 area finds more stops driving the thin market higher.
Still seeing two-way and firmer action due to cross-spreaders liquidating EURO-Sterling; repatriation also lending to the firm tone. Rate likely to have a knee-jerk reaction to more rate cuts due tomorrow morning. Probabilities are good that any rate cut is factored in.
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: 1.5420
Resistance 2: 1.5350
Resistance 1: 1.5280
Latest New York: 1.5111
Support 1: 1.4800
Support 2: 1.4720
Support 3: 1.4660
Data due Thursday: All times EASTERN (-5 GMT)
Tentative GBP MPC Rate Statement
7:00am GBP Official Bank Rate
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