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Feb 13, 2012 01:13AM GMT
     
 
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GBP/USD Weekly Analysis - Morning Session - GMT

By   |  Forex Technical Analysis  |  Aug 14, 2008 12:00AM GMT

     
     

    Rate falls hard on dovish BOE report; highs ahead of there at 1.9038 suggesting bid interest was there but was panicked. Rate on 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 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. Stopped out on new lows, OK to look at the long side again tomorrow
    Data due Thursday: All times EASTERN (-5 GMT)
    NONE

    GBP/USD Weekly
    Resistance 3:  1.8950
    Resistance 2:  1.8900/10
    Resistance 1:  1.8880
    Latest New York: 1.8707
    Support 1:  1.8630
    Support 2:  1.8600
    Support 3:  1.8580

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