Technical forecast for GBP/USD

gbpusd

GBPUSD beat 1.5850 to hit all our targets & over night has continued higher to 1.5958. The next big resistance is now at 1.5990/6010. If this target is reached today it should hold the topside as we start to look overbought. Exit longs up to 1.5590 & perhaps try shorts up to 1.6010 with stops above 1.6050.

Support at 1.5895/85 should hold the downside on any profit taking but below here look for the next support at 1.5840/30.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More