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Approaching Key Resistance

  • RES 4: 1.1799 0.764 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 3: 1.1738 High Sep 13
  • RES 2: 1.1645 High Oct 27 and the bull trigger
  • RES 1: 1.1599 High Nov 8
  • PRICE: 1.1542 @ 05:51 GMT Nov 9
  • SUP 1: 1.1389/1150 20-day EMA / Low Nov 04
  • SUP 2: 1.1061 Low Oct 21
  • SUP 3: 1.0924 Low Oct 12 and a key short-term support
  • SUP 4: 1.0763 Low Sep 29

GBPUSD is holding on to this week’s gains. A bullish theme remains intact following recent gains and price is once again trading above the 20- and 50-day EMAs - a positive development. Attention is on the key resistance and the bull trigger at 1.1645, the Oct 27 high. Clearance of this level would strengthen a bullish case and confirm a resumption of the uptrend that started Sep 26. Initial firm support is at 1.1150, the Nov 4 low.

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