GBP/USD: Oversold Short-Term
Jason Sen | Oct 22, 2013 03:20AM ET
GBP/USD retested the two and a half year trend line at 1.6225 and broke 1.6146/40 as we look for a test of the next support at 1.6100/90. A low for the day is likely here as we start to look oversold short term but any longs need stops below 1.6060. Next target and support at then seen at 1.6020/10 for a buying opportunity with stops below 1.5980.
Resistance at 1.6145/50 but above here look for 1.6180. This could hold the topside but if we continue higher, a retest 1.6220/25 offers a selling opportunity with stops above October highs at 1.6260.
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