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GBP/USD, EUR/GBP, GBP/NZD Update

By Jason SenForexOct 24, 2021 12:44AM ET
www.investing.com/analysis/gbpusd-eurgbp-gbpnzd-update-200606073
GBP/USD, EUR/GBP, GBP/NZD Update
By Jason Sen   |  Oct 24, 2021 12:44AM ET
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GBP/USD 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.

EUR/GBP held just above the important 200 week moving average support at 8405/8395 all this week in severely oversold conditions and topped exactly at minor resistance at 8445/55. Same levels apply for today of course.

GBP/NZD 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.

Today’s Analysis

GBP/USD 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 and 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.

EUR/GBP tests and holds minor resistance at 8455/65 this week. Strong resistance at 8475/86, stop above 8495. On the downside, we have the  important 200 week moving average support at 8405/8395 in severely oversold conditions. Longs need stops below 8380.

GBP/NZD 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.

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.

GBP/USD, EUR/GBP, GBP/NZD Update
 

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GBP/USD, EUR/GBP, GBP/NZD Update

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