GBP/USD: Minor support at 1.4115/05

Jason Sen DayTradeIdeas.co.uk

GBP/USD, EUR/GBP, GBP/NZD

GBPUSD topped exactly at important 6 month trend line resistance now at 1.4220/30. We wrote: Shorts at 1.4220/30 target 1.4170/60. If we continue lower look for 1.4130/20.

Perfect!! A potential 100 pips profit as we hit 1.4130/20. WE HAVE A MAJOR DOUBLE TOP SELL SIGNAL.

EUR/GBP

GBPNZD we wrote: holding above 1.9550/60 targets 1.9620/30 (hit this morning) & the May high at 1.9660/70. A break above 1.9690 targets 1.9715/25.

All targets hit.

Daily analysis

GBPUSD minor support at 1.4115/05. A break lower targets 100 month moving average support at 1.4080/60, perhaps as far as support at 1.4025/15.

Gains are likely to be limited with minor resistance at 1.4135/40 & 1.4160/70. Important 6 month trend line resistance now at 1.4220/30. A break higher targets strong 200 week moving average resistance at 1.4300/10.

EURGBP first support at 8600/8590 but below here re-targets 8565/60. A break lower to today targets 8530/20.

First resistance at 8640/50. A break higher re-targets 8665 & 8712/19. A break higher targets 8750/60, perhaps as far as 8785/90.

GBPNZD reaches the target of 1.9715/25 & if we continue higher today look for 1.9750/60 with strong resistance at 1.9800/20.

First support at 1.9635/30 then strong support at 1.9600/1.9580. Longs need stops below 1.9560.

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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