Despite rally in EURO rate holds near opening levels, firms after yesterday's drop. Rate continues to hold support at 1.4740. More upside now due within 24 hours if dips continue to be bought above the 1.4720 area. Close near the 1.4850 area or above will confirm willing buyers on the dips; might have to wait for tomorrow.

Aggressive traders can look to ADD to open longs anytime looking for a push through and a close back above 1.5000. Some spillover from EURO likely. Good bids reported but supply seen from semi-official names overnight.

Traders note solid two-way action. Sellers hold control above 1.5100 area so far; OK to buy if flat on a dip. Profit-taking likely to result in a squeeze on the further strength. Technical trade overnight again. Traders note liquidity is only moderate and still on the lower side.

GBP/USD Daily
Resistance 3: 1.5200
Resistance 2: 1.5100/10
Resistance 1: 1.5050
Latest New York: 1.4800
Support 1: 1.4550
Support 2: 1.4460/70
Support 3: 1.4420

Data due Thursday: All times EASTERN (-5 GMT)
4:30am GBP Median Inflation Expectations
6:00am GBP CBI Industrial Order Expectations

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