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By Jason SenForexOct 20, 2021 04:06AM ET
By Jason Sen   |  Oct 20, 2021 04:06AM ET
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GBP/USD: we wrote previously: retests last week’s high at 1.3773. Eventually we should reach 1.3790/1.3800 and 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.

GBP/NZD: 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 and 1.9260/50, but we could reach 1.9200.

We are well on the way!!

Today’s Analysis

GBP/USD 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.

EUR/GBP tests and 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.

GBP/NZD broke the September low at 1.9365/35 for a sell signal targeting 1.9300, 1.9260/50 and 1.9200 before important support at 1.9180/70. Try shorts at 1.9320/40 with stops above 1.9360.

GBP Chart
GBP Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.


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