Forex Investment and Currency Trading

GBPUSD: Support area holding so far

GBPUSD: Testing good support around 1.4350 – 75 where the market has turned on many occasions since the Dec 31st low. A hold of this would suggest a test of resistance levels at 1.4982/6 while a breach would indicate further ST weakness towards 1.4153 and possibly 1.4052. Overall out bullish bias is still in place though we have to respect the size of the correction down in the ST. Over time we expect resistance levels to be tested.
EURGBP – Good correction up but bearish setup still in place

EURGBP: While we cannot ignore the bullish reversal [...]

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The head and shoulders pattern targets 9.22

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EURGBP: The intraday chart above shows good resistance at 0.91. If this Short-Term rally is to be similar to that seen from the low on 9th Jan, then it would stall around 0.91 which is also where the intraday trend resistance comes in. A rally through there would argue for further gains to 0.9130 and through there we could see a test of resistance levels at around 0.9216.
A hold of 0.91 as resistance however would be an interesting development and a close back below the 55 dma at 0.9018 would indicate that further losses. Given the rally at the end [...]

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GBPUSD: Closed above the 1.4350 resistance level on Friday though is trading very poorly today. A close below 1.4185 today will mean that a bearish daily reversal will be posted arguing for ST losses. There is good ST support at 1.4030/25.

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