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GBP/USD Daily - Evening Session - GMT

By:

Forexpros (Jason Alan Jankovsky)

2009-05-01

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Jason Alan Jankovsky

Jason Alan Jankovsky is a 20 year veteran of leveraged transaction trading. Trading extensively in Futures, Options, and FOREX since 1987, he is self-taught and self-educated. He has authored several trading systems, trained other successful traders .....

Rate is two-way and firmer due to cross-spreaders liquidating EURO-Sterling; repatriation also lending to the firm tone. Rate is likely to have a knee-jerk reaction to more rate cuts due later in the week but with a new 2008 low late in the month last month the probabilities are good that any rate cut is factored in. Rate sees upside stops cleared around the 1.4550 area in light trade but no follow-through as of yet. Toolbox signals a trend sell as active from late in December likely running out of steam around the 1.4400 area so if holding shorts be nimble. Spillover from EURO not there today as spreaders unwind. Traders note solid two-way action. Sellers hold control above 1.5500 area so far but if unable to make a new low or test the low—expect a short-squeeze..

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

2:00am GBP Nationwide HPI m/m
4:30am GBP Services PMI
7:01pm GBP Nationwide Consumer Confidence

Resistance 3:  1.5800/10
Resistance 2:  1.5780
Resistance 1:  1.5710/20
Latest New York: 1.4490
Support 1:  1.4420/30
Support 2:  1.4350
Support 3:  1.4280

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