GBP USD Technical Forex Analysis for Forex Traders
Rate falls through stops in-range but holds support at 1.4600 area; rate is holding the 100 day MA nicely ad aggressive traders can look to buy dips. Pullback being bought by large names traders say. Stops above the market from late shorts around 1.4720 area cleared for yet another time as the rate rallies overnight; large stops said to be around 1.4780 area.
Traders note support is likely firm at the 1.4450 area as expected. Close over 1.4900 argues for further gains but tech resistance is firm ahead of 1.5000. Overhead target of the 1.5000 area likely to trade but expect pressure. Traders feel the 23-year lows will likely remain secure.
The shorts may have lost control of the market above the 1.4440 area now and if that is the case a test of the 1.5000 area is almost a done-deal. Traders report stops in-range adding for two-way action.
Resistance 3: 1.4880
Resistance 2: 1.4840/50
Resistance 1: 1.4780
Latest New York: 1.4738
Support 1: 1.4580
Support 2: 1.4550
Support 3: 1.4520
Data due Tuesday: All times EASTERN (-5 GMT)
7:01pm GBP RICS House Price Balance
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 forexpros.com