GBP/USD: Shorts worked perfectly with a high for the day at 1.3607

Jason Sen DayTradeIdeas.co.uk

GBP/USD, EUR/GBP, GBP/NZD

GBPUSD beat 1.3510/30 to target 1.3570/80 & my selling opportunity at 1.3600/20. Shorts here worked perfectly with a high for the day at 1.3607 & a collapse to my target of 1.3525/15.

In fact, this was also the low for the day.

EURGBP shorts at the 200-day moving average at 8585 work on the slide to second support at 8520/10 for profit taking on any remaining shorts.

A low for the day exactly here so long also worked on the bounce to 8550.

GBPNZD shot higher to strong resistance at 1.9050/70 but shorts need stops above 1.9090 (which looks likely today's high as I write).

Daily analysis

GBPUSD try shorts again at 1.3600/20 targeting 1.3560, perhaps as far as minor support at 1.3525/15. Below here look for 1.3470/60.

A selling opportunity at 1.3600/20. Try shorts with stops above 1.3635. A break higher targets 1.3570/75.

EURGBP holding below 8550 retests supports at 8520/10. Try longs again with stops below 8500. A break lower targets 8475.

Longs at 520/10 target 8550 before first resistance at the 200 days moving average at 8585/95. A break above 8600 is a buy signal for this week.

GBPNZD shorts at strong resistance at 1.9050/70 target 1.9895, perhaps as far as 1.8950.

A break above 1.9090 targets 1.9170/80.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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