Stops rally trade as equities firm, volumes a bit better but still off earlier highs. Traders note solid two-way action with stops building above the market likely in the 1.5050 area and higher triggered. Sellers hold control above 1.5100 area so far but how the rate trades into US news tomorrow will tell more. OK to buy if flat on a dip.

 Traders also note the same names seen in size on the bid the past few days has been on the offer overnight. Profit-taking likely to result in a squeeze on the further strength. Technical trade overnight as traders decide near-term action with little to go on but the charts.

BOE rate cut next month increasingly likely but that is likely completely factored in at this point. Traders note liquidity is only moderate and still on the lower side. Aggressive traders can look to buy the next dip.

GBP/USD Daily
Resistance 3: 1.5350
Resistance 2: 1.5280
Resistance 1: 1.5200/20
Latest New York: 1.5161
Support 1: 1.4700/10
Support 2: 1.4650
Support 3: 1.4550

Data due Tuesday: All times EASTERN (-5 GMT)
4:30am GBP BBA Mortgage Approvals
4:30am GBP Prelim Business Investment q/q
4:45am GBP MPC Treasury Committee Hearings 

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