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Bear Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.3698 High Nov 4
  • RES 3: 1.3607 High Nov 9
  • RES 2: 1.3514 High Nov 18 and a key resistance
  • RES 1: 1.3308/70 20-day EMA / High Nov 30
  • PRICE: 1.3246 @ 06:07 GMT Dec 16
  • SUP 1: 1.3163 Low Dec 08
  • SUP 2: 1.3135 Low Dec 11 2020
  • SUP 3: 1.3113 1.0% 10-dma envelope
  • SUP 4: 1.3057 3.0% Lower Bollinger Band

GBPUSD trend conditions are unchanged and the outlook remains bearish. Recent weakness to a fresh trend low of 1.3163 on Dec 8 confirmed a resumption of the downtrend to maintain the bearish price sequence of lower lows and lower highs. Attention is on the Dec 11 2020 low of 1.3131 ahead of a vol-band support at 1.3113 today. Resistance to watch is at 1.3308, the 20-day EMA. A break would signal a short-term reversal.

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