GBP/USD, EUR/GBP, GBP/NZD Update
Jason Sen | Oct 24, 2021 12:44AM ET
GBP/USD seeing a high for the week so far exactly at resistance again at 1.3835/55. A low for the day exactly at first support at 1.3740/30 with longs offered up to 90 pips profit.
EUR/GBP held just above the important 200 week moving average support at 8405/8395 all this week in severely oversold conditions and topped exactly at minor resistance at 8445/55. Same levels apply for today of course.
GBP/NZD longs at important support at 1.9180/70 this trade worked perfectly on the bounce to resistance at 1.9295/05 for a 100 pip profit.
h2 Today’s Analysis/h2GBP/USD still holding resistance at 1.3835/55. This is key to direction in severely overbought conditions. Try shorts with stops above 1.3875. A break above here is a medium term buy signal. Shorts at resistance at 1.3835/55 target 1.3780/70 and support at 1.3740/30 for profit taking. Longs need stops below 1.3710. A break lower targets minor support at 1.3670/60, perhaps as far as strong support at 1.3600/1.3580.
EUR/GBP tests and holds minor resistance at 8455/65 this week. Strong resistance at 8475/86, stop above 8495. On the downside, we have the important 200 week moving average support at 8405/8395 in severely oversold conditions. Longs need stops below 8380.
GBP/NZD longs at important support at 1.9180/70 are working. First target is 1.9240/60, then resistance at 1.9295/05 for profit taking. Shorts here today need stops above 1.9315. A break higher meets a selling opportunity at 1.9370/90 with stops above 1.9410. A break below support at 1.9180/70 is more likely on the next test.
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