Resistance 3: 1.4350

Resistance 2: 1.4320

Resistance 1: 1.4250

Latest New York: 1.4053

Support 1: 1.3860

Support 2: 1.3780

Support 3: 1.3720


Rate holds gains and makes new high overnight; stops seen above weekly highs around the 1.4050 area. Tests support on pullback and holds for now. Lows likely remain secure. Reversal off weekly lows a positive technical but the volume needs to come up and I think the shorts have yet to bail as a group. Traders report stops in-range adding for two-way action. Long-term tech resistance now at 1.5000 area likely to cap near term but stops are building above and the 1.5000 handle is a big psychological number. 23 year lows are very likely to hold on any break with long-term support at 1.3500 area now in play. Two-way action continues suggesting that shorts are aggressively adding and longs are trying to find a bottom. Short squeeze back on the board I think.

Data due Tuesday: All times EASTERN (-4 GMT)

5:30am GBP DCLG HPI y/y

4:10pm GBP BOE Gov King Speaks

Forex Trading Analysis written by Jason Alan Jankovsky, featured by