GBP/USD And EUR/GBP: Short Term Outlook Negative

remains in a sideways for 3 weeks but holding strong support at 1.3840/20 keeps bulls in control and eventually should see a resumption of the longer term bull trend.

tested support at the 4 week low at 8560/50 hitting 8531 last week.

Today’s Analysis

GBP/USD buy at 1.3840/20 for a swing trade with stops below 1.3770. A break lower is a medium term sell signal.

Minor resistance at 1.3905/25. Above 1.3945 opens the door to resistance at the upper end of the range at 1.3990/1.4010. A break higher targets 1.4060/70.

EUR/GBP holding above 8570 tests key resistance at 8600/10. Try shorts with stops above 8620. A break higher is a buy signal targeting 8640, perhaps as far as 8665/70.

Support at the 4 week low at 8550/40 but a break below 8530 is the next sell signal, initially targeting 8500/8490.

Trends

  • Weekly Outlook Positive
  • Daily Outlook Negative
  • Short Term Outlook Negative
GBP Chart
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