GBP/USD has two support levels

Jason Sen DayTradeIdeas.co.uk

GBP/USD, EUR/GBP, GBP/NZD

GBPUSD unexpectedly wiped out 5 days of gains as the pair collapsed 160 pips in the sideways trend on Friday then recovers most of the losses on Monday. This is an unpredictable erratic sideways trend.

EURGBP topped exactly here at first resistance at 8712/19 & bottomed exactly at first support at 8665/55 yesterday.

GBPNZD holding between 4 month ascending trend line & 200 day moving average resistance at 1.9330/40 & support at the 100 day moving average at 1.9190/80.

Daily analysis

GBPUSD has 2 support levels at 1.3815/05 (we bottomed exactly here yesterday) & at 1.3765/55.

Holding support at 1.3815/05 targets 1.3845/55 & 1.3890 perhaps as far as strong resistance at 1.3910/25. A break higher targets 1.3980/90.

EURGBP topped exactly at first resistance at 8712/19. A break higher targets 8750/60, perhaps as far as 8785/90.

The pair bottomed exactly at first support at 8665/55 but below 8645 can target 8630/20 before support at 8600/8590. Below 8585 can target 8565/60.

GBPNZD retests strong resistance at the 4 month ascending trend line & 200 day moving average 1.9330/40. If we continue higher look for strong resistance at 1.9410/20.

First support at the 100 day moving average at 1.9190/80. Longs need stops below 1.9165. A break lower to targets 1.9105/00.

Chart

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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