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20-Day EMA Is Support

GBPUSD TECHS
  • RES 4: 1.3958 High Aug 4, 2021
  • RES 3: 1.3913 High Sep 14, 2021
  • RES 2: 1.3835/55 High Oct 20 and key resistance / 2.0% 10-dma env
  • RES 1: 1.3736/49 200-dma/High Jan 13
  • PRICE: 1.3608 @ 06:08 GMT Jan 19
  • SUP 1: 1.3573 Low Jan 18
  • SUP 2: 1.3547/3495 20-day EMA / 50-day EMA
  • SUP 3: 1.3409 Low Dec 29
  • SUP 4: 1.3343 Low Dec 23

GBPUSD trend conditions remain bullish and the recent pullback is likely a correction. Moving average conditions are bullish and last week’s breach of 1.3676, 76.4% of the Oct - Dec downleg strengthens a bull theme and maintains the positive price sequence of higher highs and higher lows. The 200-dma at 1.3736 has recently provided resistance. A break would open 1.3835, Oct 20 high. Support to watch is the 20-day EMA at 1.3547.

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