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.
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