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GBP/USD, EUR/GBP, GBP/NZD Forecast

GBP/USD, EUR/GBP, GBP/NZD Forecast

GBP/USD held just 10 pips from very strong support at the July low at 1.3590/70.

EUR/GBP topped exactly at very strong resistance at 8575/90. Shorts need stops above 8600.

GBP/NZD is in an erratic sideways trend, ranging from 1.9690/70 up to 2.0060/80. Shorts at resistance at the 2021 high of 2.0060/80 worked perfectly.

Today’s Analysis

GBP/USD was holding very strong support at the July low at 1.3590/70. Longs need stops below 1.3550. A break lower is a sell signal targeting 1.3520/10 and 1.3460/50. Longs at 1.3590/70 target 1.3645/55 then first resistance at 1.3675/85. A break higher meets very strong resistance at 1.3725/25 for profit taking on any remaining longs. Shorts need stops above 1.3750.

EUR/GBP longs at first support at 8500/8490 worked as we hit targets 8525/30, 8565/75 and very strong resistance at 8575/90 for a potential 75 pip profit last week. Shorts need stops above 8600. A break above here is a buy signal, targeting 8665/70. First support at 8545/35.

GBP/NZD shorts at resistance at the 2021 high of 2.0060/80 worked as we targeted first support at 1.9960/50, then second support at 1.9900/90 for a potential 160 pip profit. Expect strong support at 1.9820/00. We topped exactly at resistance. Minor resistance at 1.9970/80. Strong resistance at the 2021 high of 2.0060/80. A break above 2.0100 therefore is a buy signal initially targeting 2.0250/70.

GBP Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

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