GBP/USD: Forecast January 21, 2015
Jason Sen | Jan 21, 2015 08:07AM ET
GBP/USD has support at 1.5125/20 again today then strong longer term 5 year trend line support at 1.5090. Try longs with wide stops below 1.5050. January's low at 1.5035/30 is the last line of defense for the bulls. Be ready to go with a break lower for a move to 1.5012/06 then 1.4935 before support at 1.4870/60.
Immediate resistance at 1.5175/80 but above here a selling opportunity at 1.5210/5220 with stops above 1.5240. On a break higher 1.5220/10 is likely to act as support for a move towards resistance at 1.5260/5270. Any shorts here will need a stop above 1.5280 to target very strong resistance at 1.5320. A high for the day expected here. Sell with stops on a move above 1.5360.
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