GBP/USD hit the buying opportunity at 1.3820/00

Jason Sen DayTradeIdeas.co.uk

GBP/USD – EUR/GBP

GBPUSD hit the buying opportunity at 1.3820/00 but longs were stopped below1.3785.

EURGBP held a range of 8594-8669 last week.

Daily analysis

GBPUSD holding below 1.3820 today is a medium term sell signal targeting1.3780/70 then 1.3715/05.

Gains are likely to be limited in what could be a developing bear trend. Minorresistance at 1.3890/1.3900. Unlikely but a break higher meets strong resistance at1.3950/60.

EURGBP minor resistance at 8660/70 then key resistance at 8700/8710. A breakabove 8730 however targets 8750/60, perhaps as far as resistance at 8790/8800.

Failure to beat 8660/70 targets 8630/20, perhaps as far as 8595/85 (hit last week). A break lower targets 8560/50 with a break below 8540 acting as the next sell signal.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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