GBP USD Technical Forex Analysis for Forex Traders
Rate makes new highs late in the session; holds gains after two-way action overnight. Positive UK manufacturing data helps hold tone. Traders note stops above the 1.4450 area as expected with offers ahead. Stops cleared over 1.4250 and 1.4300 with more cleared above 1.4350/80 area.
A close back under the 1.4250 area argues for more losses but support is solid around 1.4100 so aggressive traders can buy dips. Close over 1.4450 argues for further gains.
Overhead resistance now drops to 1.4380 to 1.4440 area; overhead target of the 1.5000 area likely to be on hold with a test of the lows first possibly creating a range. Traders feel the 23-year lows will likely remain secure. The shorts have taken control of the market above the 1.4440 area for now and if a range is forming a test under the 1.3900 handle is likely; traders report stops in-range adding for two-way action.
Resistance 3: 1.4500
Resistance 2: 1.4440/50
Resistance 1: 1.4420
Latest New York: 1.4450
Support 1: 1.4180
Support 2: 1.4050
Support 3: 1.4020
Data due Thursday: All times EASTERN (-5 GMT)
2:00am GBP Nationwide HPI m/m
2nd-9th , GBP Halifax HPI m/m
4:30am GBP BOE Credit Conditions Survey
4:30am GBP Construction PMI
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