GBP USD Technical Forex Analysis for Forex Traders

Rate whipsaws hard, both sides get hurt as stops cleared first to the upside and then to the downside putting the 23 year lows in sight. Reversal off weekly highs a negative technical; Likely an upside rally is still in the works but the rate needs to rebound hard to wash-out the shorts again.

After today’s action I think both sides will take a break. Traders report stops in-range adding for two-way action. Long-term tech resistance now at 1.5000 area likely to cap near term but stops are building above and the 1.5000 handle is a big psychological number.

23 year lows are very likely to hold on any break with long-term support at 1.3500 area now in play. Two-way action continues suggesting that shorts are aggressively adding and longs are trying to find a bottom. Short squeeze may be on hold.


  • Resistance 3: 1.4250
  • Resistance 2: 1.4220
  • Resistance 1: 1.4150
  • Latest New York: 1.3740
  • Support 1: 1.3650/60
  • Support 2: 1.3600/10
  • Support 3: 1.3500/10

Data due Wednesday: All times EASTERN (-4 GMT)

  • 5:30am GBP Trade Balance

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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