GBP/USD: Shorts need stops above 1.4340

Jason Sen DayTradeIdeas.co.uk

GBP/USD, EUR/GBP, GBP/NZD

GBPUSD in a sideways consolidation for 3 weeks from 100 month moving average support at 1.4080/60 (we bottomed exactly here yesterday) up to resistance at 1.4220/40. Trade this range while we wait for a breakout.

EURGBP topped exactly at first resistance at 8644/50 for a 50 pip scalping opportunity as we bottomed exactly at first support at 8590/80.

GBPNZD bottomed exactly at strong support at 1.9600/1.9580. Longs worked on the bounce to 1.9720 as we look for minor resistance at the May June high at 1.9770/80.

Daily analysis

GBPUSD sideways as we hold the double top high at 1.4230/40 & bottomed exactly at important 100 month moving average support at 1.4080/60 this week. A break lower is a sell signal this week initially targeting 1.4025/15.

Holding 1.4080/60 allows a recovery to minor resistance at 1.4145/55, perhaps as far as key resistance at 1.4220/40 today. A break above 1.4250 meets strong 200 week moving average resistance at 1.4290/1.4300. Shorts need stops above 1.4340.

EURGBP shorts at first resistance at 8644/50 target first support at 8590/80 for a 60 pip scalping opportunity. We bottomed exactly here. A break lower to test the May low at 8558.

First resistance again at 8644/50. Bulls now need a break above 8665 to retest 8712/19.

GBPNZD has had a great run from that big support at 1.9360/20 to the May high at 1.9770. The pair collapsed from the May high keeping the pair in a sideways range for a dip to 1.9680/70 & 10 pips from strong support at 1.9600/1.9580. Longs here today need stops below 1.9540. A break lower targets 1.6465/55.

Yesterday we bounced to 1.9720. Minor resistance at the May June high at 1.9770/80. A break higher tests the April high at 1.9820/25.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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