GBP Nudging higher looking to go forward to 1.5580 to 1.5620

Mon, Sep 6 2010, 06:14 GMT
by Carol Harmer


GBP/USD 

GBPUSD

GBP Nudging higher looking to go forward to 1.5580 to 1.5620 the targeted area.

Buyers would be advised to cover all longs to here as it is unlikely that we can break this resistance today.

Failure to hold over 1.5400 puts a more weaker tone on the market and should allow sellers to use this failure to drive us lower with 1.5335/25 once more in their sights. Sellers are expected to cover shorts to here.

Only a loss of 1.5320 would tempt sellers back into the market, and they would then be looking for 1.5255.