Late rally extends to clear resistance—traders note aggressive bids across all pairs. Quiet corrective action in light trade overnight. Good bids reported but supply seen from semi-official names. Stops in range helps to pressure but support is on technical numbers around 1.5050 area.

Traders note solid two-way action with stops building above the market likely in the 1.5250 area and higher. Sellers hold control above 1.5100 area so far but how the rate trades into US news today 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: 1.5680
Resistance 2: 1.5620
Resistance 1: 1.55550
Latest New York: 1.5510
Support 1: 1.4700/10
Support 2: 1.4650
Support 3: 1.4550

Data due Wednesday: All times EASTERN (-5 GMT)
4:30am GBP Revised GDP q/q
4:30am GBP Index of Services 3m/3m

 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