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FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, gives the technical outlook and key levels for GBP/USD, noting that the resistance at 1.5170/75 is for direction today.
Key Quotes
“GBPUSD key to direction is strong resistance at 1.5170/75 & again today, shorts need stops above 1.5200. We are severely overbought short term & on the daily chart but Friday's strong gains could encourage bulls today, so be ready to go with an unexpected break higher to target 1.5250/55.”
“Failure to hold above 1.5175 targets trend line support at 1.5125/20 but we could continue lower to 1.5080/75. If we dip as far as better support at 1.5055/50 there is a good chance of a low for the day but longs need stops below 1.5025.”
