GBP/USD: Strong Resistance At 1.5545/50
Jason Sen | Feb 26, 2015 03:13AM ET
GBPUSD key to direction is strong resistance at 1.5545/50. Despite yesterday's strong breakout there is a good chance of a high for the day here. Shorts need a stop above the 100 day moving average at 1.5570. Be ready to go with a break higher using 1.5550 as support to target 1.5585 then trend line resistance at 1.5610/20.
The pair are severely overbought now & failure to beat 1.5545/50 targets 1.5490/85. This could hold initially but a break lower meets good support at 1.5460/055. Try longs with stops below 1.5430. Be ready to go with a break lower using 1.5460 as resistance for a move towards excellent short term support at 1.5412/08. A low for the day expected but longs need stops below 1.5490.
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