GBP USD Technical Forex Analysis for Forex Traders
Rate falls back to start on follow-on selling; cross spreaders still pressuring EURO/GBP spread. Spillover from EURO likely but action still technical. Stops noted under 1.5100 and 1.5050 area; more likely under the 1.4980 area.
Rate recovers from lows in early New York to trade back above the 1.5000 area. Stops above the market likely now in the 1.5180 area or above as late traders place risk close-in. Bears took a stand above the 1.5250 area last week; likely they will be back again so look for two-way action near-term.
Sellers likely active suggesting a dip back to potential support around the 1.4700 area although a close over 1.5100 today might negate that. Two-way and firmer action due to cross-spreaders liquidating EURO-Sterling; repatriation also lending to the firm tone.
GBP USD Daily
Resistance 3: 1.5480
Resistance 2: 1.5420
Resistance 1: 1.5350
Latest New York: 1.4826
Support 1: 1.4800/10
Support 2: 1.4760
Support 3: 1.4720
Data due Tuesday: All times EASTERN (-5 GMT)
4:30am GBP Trade Balance
4:30am GBP DCLG HPI y/y
5:00am GBP CB Leading Index 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