GBP USD Technical Forex Analysis

Rate falls back in sympathy with EURO; rate is under pressure from stops. Volumes lighter into the lows. Stops and technical buying seen from some desks, buying seen from semi-official names on Friday and possibly the early higher action today signals a bottom is in. Stopped out of another long but keep looking at the long side.

Rate has likely flushed out every long now and shorts will likely take gains soon leaving the rate vulnerable to a sharp rally. Possible buying from semi-official names so watch the news. Offers above the market mixed with stops from late shorts so be ready for whipsaw the next few days. Traders expect GBP to track EURO through this week. Continue to expect a lot of cross-trading.

GBP/USD Daily

Resistance 3: 1.9300/10
Resistance 2: 1.9280
Resistance 1: 1.9250/60
Latest New York: 1.9093
Support 1: 1.9050/60
Support 2: 1.9020
Support 3: 1.9000

Data due Tuesday: All times EASTERN (-5 GMT)

4:30am GBP CPI y/y

4:30am GBP Core CPI y/y

4:30am GBP DCLG HPI y/y

4:30am GBP RPI y/y

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com