GBPUSD Attract to 1.55

The GBPUSD missed out on all of the fun today.  The cross had troubles of its own after posting a negative GDP reading for the third quarter in a row.  One more negative reading and the current recession will officially become a depression.  Even with this dire news the pair managed to finish the day almost unchanged around the 1.55 level after briefly testing 1.5460.  Heading into Asian and European trading the 1.55 level will once again act as a pivot.  If the pair can pop and hold above this level the cross could push towards the resistance at 1.5580.  If the cross reject the 1.55 level all eyes will be on daily support at 1.5460.  A break of that level open the pair up to a move towards monthly lows at 1.54.

 

Sup            1.5460                1.54

Pivot          1.55

Res             1.5580

K

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eane Insight"s:  Waiting for either a break of 1.5460 or a clean move above 1.55 to enter positions.

 

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