GBP/USD retests good support at 1.3865/55

Jason Sen DayTradeIdeas.co.uk

GBP/USD – EUR/GBP

GBPUSD retests good support at 1.3865/55.

EURGBP edges a little lower.

Daily analysis

GBPUSD retests good support at 1.3865/55. Further losses meet a buying opportunity at 1.3820/00 with stops below 1.3785. A break lower is a medium term sell signal.

Gains are likely to be limited in what could be a developing bear trend. Minor resistance at 1.3940/60 then strong resistance at 1.4000/20.

EURGBP minor resistance at 8660/70 then key resistance at 8700/8710 on a bounce today. A break above 8730 however targets 8750/60, perhaps as far as resistance at 8790/8800.

Failure to beat 8660/70 targets 8630/20, perhaps as far as 8595/85 (hit yesterday). A break lower targets 8560/50 with a break below 8540 acting as the next sell signal.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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