GBP USD Technical Forex Analysis for Forex Traders
Two-way technical trade gives way to short covering and one-way action; lots of spillover from EURO no doubt. Lows holding at 1.5200/10 area. Bounce off early weakness suggests buyers are willing on dips but they are meeting willing sellers on the recovery traders say; aggressive traders can buy the next dip in my view.
Stops around the 1.5200 area and higher cleared so be ready for whipsaw. Cross-spreaders likely keeping pressure on as GBP/EURO cross holds near lifetime high.
Although today was a strong rally; failure at next resistance at 1.5550 area still a caution. Traders note solid two-way action. Sellers hold control above 1.5100 area so far; profit-taking likely to result in a squeeze on the further strength.
Resistance 3: 1.5700/10
Resistance 2: 1.5650
Resistance 1: 1.5610/20
Latest New York: 1.5546
Support 1: 1.4850
Support 2: 1.4740
Support 3: 1.4680
Data due Wednesday: All times EASTERN (-5 GMT)
4:30am GBP Claimant Count Change
4:30am GBP MPC Meeting Minutes
4:30am GBP Average Earnings Index 3m/y
4:30am GBP Unemployment Rate
6:00am GBP CBI Realized Sales
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