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Approaching Resistance

GBPUSD TECHS
  • RES 4: 1.2506 High Sep 14
  • RES 3: 1.2459 38.2% retracement of the Jul 13 - Oct 4 bear leg
  • RES 2: 1.2437 200-dma
  • RES 1: 1.2428 High Nov 6 and key short-term resistance
  • PRICE: 1.2396 @ 13:43 GMT Nov 15
  • SUP 1: 1.2266/2185 Intraday low / Low Nov 3
  • SUP 2: 1.2070 Low Oct 26
  • SUP 3: 1.2037/28 Low Oct 04 and bear trigger / Low Mar 16
  • SUP 4: 1.2011 Low Mar 15 and a key support

A bull cycle in GBPUSD remains in play and today’s rally is a positive development, as the pair extends the recovery from last Friday’s low. The move higher reinforces the S/T importance of a doji candle on Friday - a bullish reversal signal. Attention is on resistance at 1.2428, Nov 6 high and a bull trigger. Clearance of this level would open the 200-dma at 1.2437 and 1.2459, a Fibonacci retracement. Support to watch is 1.2185, the Nov 3 low.

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