GBP/USD, EUR/GBP And GBP/NZD Daily Forecast
Jason Sen | May 06, 2021 07:04AM ET
GBP/USD trades in an unpredictable, random and erratic sideways trend. Up one day, down the next day this week.
EUR/GBP lower to the next target of 8630/20 and bottomed exactly here.
GBP/NZD breaks back below the 4 month ascending trend line and 200 day moving average 1.9330/40 to retest support at the 100 day moving average at 1.9220/10, Longs need stops below 1.9190.
h2 Today’s Analysis/h2GBP/USD minor support at 1.3880/70. Further losses target 1.3830/20.
Strong resistance at 1.3910/25. We topped exactly here so far this week. A break higher targets 1.3980/90.
EUR/GBP broke first support at 8665/55 to target 8630/20 before support at 8600/8590. Below 8585 can target 8565/60.
First resistance at 8665/75 but above 8685 can target 8712/19. A break higher targets 8750/60, perhaps as far as 8785/90.
GBP/NZD breaks back below the 4 month ascending trend line and 200 day moving average 1.9330/40 to test support at the 100 day moving average at 1.9220/10, Longs need stops below 1.9190. A break lower to targets 1.9170 and 1.9110/00. First resistance at 1.9330/40. Shorts need stops above 1.9355, targeting 1.9410/20 and resistance at 1.9480/1.9500. A break higher targets 1.9560/80.
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