GBP/USD: Try shorts with stops above 1.3875

Jason Sen DayTradeIdeas.co.uk

GBP/USD, EUR/GBP, GBP/NZD

GBPUSD we wrote: retests last week’s high at 1.3773. Eventually we should reach 1.3790/1.3800 & first resistance at 1.3810/20. A high for the day is likely. Resistance again at 1.3835/55.

An almost perfect call as we shot higher to 1.3833.

EURGBP held just above important 200 week moving average support at 8405/8395 so far in severely oversold conditions.

GBPNZD we wrote: breaks the only support of importance at the September low at 1.9365/35 for a sell signal. Next targets are 1.9300 & 1.9260/50 but we could reach 1.9200.

We are well on the way!!

Daily analysis

GBPUSD tested resistance at 1.3835/55. This is key to direction today 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 1.3770/50 then support at 1.3740/30 for profit taking.

EURGBP tests & holds minor resistance at 8445/55. Sell at 8470/80 with stops above 8490.

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

GBPNZD broke the September low at 1.9365/35 for a sell signal targeting 1.9300,1.9260/50 & 1.9200 before important support at 1.9180/70.

Try shorts at 1.9320/40 with stops above 1.9360.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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