by forexpros
Rate consolidates off the 1.4135 level after [pressing slightly higher overnight; release of MPC minutes encourages a sell off for new lows. Traders report stops in-range under the 1.4170 area and rate presses into 1.4090 area before rebounding and recovering the 1.4200 handle. Large names on the bid also reported. Rate needs to return to the 1.4500 area fairly fast and a close above 1.4700 area to keep bulls happy near term. Traders note stops above the 1.4310 area likely in size if late shorts active. Long-term tech resistance now at 1.5000 area likely to cap near term but stops are building above and the 1.5000 handle is a big psychological number. 23 year lows are very likely to hold on any break. Two-way action continues suggesting that shorts are aggressively adding and longs are trying to find a bottom.

Data due Thursday: All times EASTERN (-5 GMT)

4:30am GBP Public Sector Net Borrowing
4:30am GBP Prelim M4 Money Supply m/m
12:00pm GBP MPC Member Gieve Speaks

Resistance 3: 1.4450
Resistance 2: 1.4380
Resistance 1: 1.4310/20
Latest New York: 1.4209
Support 1: 1.4090/1.4100
Support 2: 1.4000
Support 3: 1.3950/60

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Article Source: GBP/USD Daily Analysis