Rate continues to firm, clears stops overnight to test for a new high. Offers continue ahead of 1.9620/30 area suggesting the rate has some overhead resistance to clear before a leg higher. Close above the 1.9580 area favors additional strength; add to the position if the rate falls back to test support at 1.9500/20. Close over the 1.9600 handle still needed to make the shorts nervous again.

Upside remains limited in my view but ranges can be wide as evidenced by the past few days of trade.

Cross-spreading for Yen, Swissy and EURO evident for the past week. Likely sovereign demand on the crosses as well again this week.

GBP/USD Daily

Resistance 3:  1.9700
Resistance 2:  1.9650
Resistance 1:  1.9620/30
Latest New York: 1.9539
Support 1:  1.94520/30
Support 2:  1.9480
Support 3:  1.9440

Data due Tuesday: All times EASTERN (-5 GMT)

None

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