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Attention Is On The Bull Trigger

GBPUSD TECHS
  • RES 4: 1.3773 High May 1, 2018
  • RES 3: 1.3750 0.764 proj of May 18 - Sep 1 rally from Sep 23 low
  • RES 2: 1.3712 Low Mar 1, 2018
  • RES 1: 1.3704 High Jan 4 and the bull trigger
  • PRICE: 1.3686 @ 16:33 GMT Jan 14
  • SUP 1: 1.3505 Low Jan 12
  • SUP 2: 1.3452 Low Jan 11 and key near-term support
  • SUP 3: 1.3430 Low Dec 28
  • SUP 4: 1.3413 50-day EMA

GBPUSD is trading closer to recent highs following Tuesday's strong gains. The move higher retains the underlying bullish condition and attention is on 1.3704, the Jan 4 high and the bull trigger. A breach of this level would confirm a resumption of the current uptrend and open 1.3773, the May 1, 2018 high. Key short-term support has been defined at 1.3452, Jan11 low. A break would signal a near-term reversal.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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