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GBP USD Forex Trading Analysis for Technical Traders

Jason Alan Jankovsky 14 June 2008

No follow-through on the day after two attempts for lows. Rate follows EURO lower into key support; a bounce is likely and aggressive traders can BUY under the 1.9500 handle. Spillover weakness from EURO still likely as would be strength.

Technical objectives met at the 1.9500/50 area near-term; today could be a test of the lows. Continue to expect a lot of cross-trading; the cross-spreaders are having a field day with the Sterling crosses and I think that will continue through this week. Today’s action suggests that more two-way trade likely ahead of US data today.

GBP/USD Daily

Resistance 3: 1.9580
Resistance 2: 1.9550
Resistance 1: 1.9500
Latest New York: 1.9477
Support 1: 1.9420/30
Support 2: 1.9400
Support 3: 1.9380

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

NONE

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com

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