The Fusion Media Network:

Real-Time Quotes:

Home

Analysis

Forex Technical Analysis

Fundamental

Technical

Futures

Central Banks

Forex Brokers

Trading Tools

Crosses

GBP/USD Daily Analysis - Morning Session - GMT

By:

Forexpros.com

2008-20-08

votes

View Comments (0)

Previous Analysis | Next Analysis

	Text Size
	Print
	Email
	Add a Comment

Stopped out of longs overnight, rate holding above the lows and showing another large wick. Late highs driven by stops and some active buying; late shorts likely to roll stops close-in. Look for more upside this week. Possibly short covering ahead of the news due Tuesday; some of that may have contributed to the one-figure rally off the lows overnight. Rate bouncing off two-year lows and is an excellent buy in my view. 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 (Russians) 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. Get ready for the rally.

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

4:30am GBP MPC Meeting Minutes
4:30am GBP M4 Money Supply m/m
4:30am GBP Public Sector Net Borrowing
6:00am GBP CBI Industrial Trends Orders

GBP/USD Daily
Resistance 3: 1.8750
Resistance 2: 1.8700/10
Resistance 1: 1.8680
Latest New York: 1.8675
Support 1: 1.8520/30
Support 2: 1.8400
Support 3: 1.8370

Attached Images

Digg

Del.icio.us

Mixx it!

Reddit!

Wikio

Next Analysis:

Content Provided by:

Forexpros.com
With a solid background in financial markets, our goal is to provide both novice and experienced traders with neutral and unbiased information on specific financial segments, including Brokers, Fund managers, Real-time quotes & charts, Courses, Books, Software Providers, Educational & ...

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

News

Quotes

Forex Analysis

Forex Brokers

Forex Software

Live Events

Charts

Education

Forex Forums

Languages

Risk Disclosure: Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All stock prices, indexes, futures and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.