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.



The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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