Free Trial

Approaching Key Resistance

GBPUSD TECHS
  • RES 4: 1.3045 High Jul 19 2023
  • RES 3: 1.2996 High Jul 27 2023
  • RES 2: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2827 High Dec 28 and the bull trigger
  • PRICE: 1.2808 @ 06:07 GMT Mar 8
  • SUP 1: 1.2677/00 20-day EMA / Low Mar 1
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

Strong gains in GBPUSD this week has strengthened a short-term bullish theme and resulted in the break of a number of resistance points. This brings the bull trigger at 1.2827 into view, and multi-month highs. Clearance of this level would open 1.2881, a Fibonacci retracement. Initial support is seen at 1.2677, the 20-day EMA. A move below this average would signal a possible top and open 1.2600, the Mar 1 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.