Technical forecast for GBP/USD

gbpusd2

GBPUSD held trend line support at 1.5895/85 & shot higher on the FOMC to reach 1.6163. A break above 1.6178 today signals further gains towards a target of 1.6225/30 & may be as far as 1.6260/70 before the end of the week.

Immediate support is 1.6095 but below here risks a slide 1.6055/45. This should hold the downside so look for a bounce from here, but any longs need stops below 1.6020 for a buying opportunity at the next support at 1.5990. Exit shorts & try longs with stops below 1.5960.

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