GBP/USD Daily

Resistance 3: 1.5120/30

Resistance 2: 1.5080

Resistance 1: 1.5020/30

Latest New York: 1.4975

Support 1: 1.4580

Support 2: 1.4550

Support 3: 1.4520

Comments

Rate continues higher after gains to start Monday, tests the psychological 1.5000 area in early New York and finds stops above; failure to close above the 1.5000 area today likely signals a pullback is coming. Retracement overnight holds support at 1.4800 area suggesting the rate will find buyers on a dip to 1.4800. Rate is holding the 100 day MA nicely and aggressive traders can look to buy dips. Pullback being bought by large names traders say. Traders note support is likely firm at the 1.4650 area now; pullbacks likely to be bought. Close over 1.4900 argues for further gains but tech resistance is firm ahead of 1.5000. Overhead target of the 1.5000 area likely to trade again but expect pressure. Traders feel the 23-year lows will likely remain secure. The shorts have lost control of the market above the 1.4440 area now; traders report stops in-range adding for two-way action.

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

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Analysis by: Forexpros.com - Written by Jason Alan Jankovsky

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