GBP/USD: Shorts at resistance at 1.3835/55

Jason Sen DayTradeIdeas.co.uk

GBP/USD, EUR/GBP, GBP/NZD

GBPUSD seeing a high for the week so far exactly at resistance again at 1.3835/55. A low for the day exactly at first support at 1.3740/30 with longs offered up to 90 pips profit.

EURGBP held just above important 200 week moving average support at 8405/8395 all this week in severely oversold conditions & topped exactly at minor resistance at 8445/55. Same levels apply for today of course.

GBPNZD longs at important support at 1.9180/70 this trade worked perfectly on the bounce to resistance at 1.9295/05 for a 100 pip profit.

Daily analysis

GBPUSD still holding resistance at 1.3835/55. This is key to direction in severely overbought conditions. Try shorts with stops above 1.3875. A break above here is a medium term buy signal.

Shorts at resistance at 1.3835/55 target 1.3780/70 & support at 1.3740/30 for profit taking. Longs need stops below 1.3710. A break lower targets minor support at 1.3670/60, perhaps as far as strong support at 1.3600/1.3580.

EURGBP tests & holds minor resistance at 8455/65 this week. Strong resistance at 8475/86, stop above 8495.

On the downside we have important 200 week moving average support at 8405/8395 in severely oversold conditions. Longs need stops below 8380.

GBPNZD longs at important support at 1.9180/70 are working. First target is 1.9240/60 then resistance at 1.9295/05 for profit taking. Shorts here today need stops above 1.9315.

A break higher meets a selling opportunity at 1.9370/90 with stops above 1.9410. A break below support at 1.9180/70 is more likely on the next test.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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