GBP/USD stayed within a narrow range although staying above support area. Failure to break lower did push the market higher, and once more we are back above 1.5400. If we can maintain above 1.5400 we can trade higher with 1.5580 to 1.5620 the targeted area.

Buyers would be advised to cover all longs to here as it is unlikely that we can break this resistance today.

Failure to hold over 1.5400 puts a more weaker tone on the market and should allow sellers to use this failure to drive us lower with 1.5335/25 once more in their sights. Sellers are expected to cover shorts to here. Only a loss of 1.5320 would tempt sellers back into the market, and they would then be looking for 1.5255.

Eur/Usd stayed within a narrow range yesterday, leaving the outlook unchanged. We came higher yesterday, reaching 1.2848. We have support at 1.2780 and as long as we can maintain above here we should trade higher. We should be able to continue higher with 1.2850/60 once more targeted.

Buyers are advised to cover ahead of this resistance. Sellers are expected here, and this should prove to be quite a difficult barrier to break. However if we do break 1.2860 buyers would be back into the market once more and we could trade higher then to 1.2920. If 1.2780 is lost it would bolster the sellers confidence a bit and they would be willing to come back onto the market and take us lower for 1.2710/1.2690. They would cover shorts to here as buyers would be expected.

Eur/Gbp Kept the pressure to the topside and hit 8350. We are seeing a small retracement early in the session, but we need to break back below 8301 to continue to see weakness. If we can hold 8301 we should then be able to come higher, exceeding 8350 and targeting 8375/80. Buyers are advised to cover all longs to here. Sellers are likely to be waiting here as well.

Now if we cannot hold 8300 we should see the market weaken further with 8285 then 8266/55 your short term objective.