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26 Feb 2015
GBP/USD resistance at 1.5545/50 key to direction – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas gives the key technical and trading levels for GBP/USD, expecting a break above 1.5545/50 to target 1.5585 and then 1.5610/20.
Key Quotes
“GBPUSD key to direction is strong resistance at 1.5545/50. Despite yesterday's strong breakout there is a good chance of a high for the day here.”
“Shorts need a stop above the 100 day moving average at 1.5570.”
“Be ready to go with a break higher using 1.5550 as support to target 1.5585 then trend line resistance at 1.5610/20.”
“The pair are severely overbought now & failure to beat 1.5545/50 targets 1.5490/85. This could hold initially but a break lower meets good support at 1.5460/055. Try longs with stops below 1.5430.”
“Be ready to go with a break lower using 1.5460 as resistance for a move towards excellent short term support at 1.5412/08.”
“A low for the day expected but longs need stops below 1.5490.”
Key Quotes
“GBPUSD key to direction is strong resistance at 1.5545/50. Despite yesterday's strong breakout there is a good chance of a high for the day here.”
“Shorts need a stop above the 100 day moving average at 1.5570.”
“Be ready to go with a break higher using 1.5550 as support to target 1.5585 then trend line resistance at 1.5610/20.”
“The pair are severely overbought now & failure to beat 1.5545/50 targets 1.5490/85. This could hold initially but a break lower meets good support at 1.5460/055. Try longs with stops below 1.5430.”
“Be ready to go with a break lower using 1.5460 as resistance for a move towards excellent short term support at 1.5412/08.”
“A low for the day expected but longs need stops below 1.5490.”