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Bear Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2827 High Dec 28 and the bull trigger
  • RES 2: 1.2775 High Jan 24
  • RES 1: 1.2684 High Feb 13
  • PRICE: 1.2552 @ 16:37 GMT Feb 14
  • SUP 1: 1.2519 Low Feb 5 and the bear trigger
  • SUP 2: 1.2500 Low Dec 13
  • SUP 3: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase
  • SUP 4: 1.2374 Low Nov 17

GBPUSD failed to hold on to Tuesday’s highs and the move lower signals the end of the recent corrective bounce. An extension lower would open 1.2519, the Feb 5 low where a break would confirm a resumption of the current bear cycle. Recently, the pair breached 1.2597, Jan 17 low, to confirm a range breakout and this signals scope for a move towards 1.2500, the Dec 13 low. Initial resistance is at 1.2684, the Feb 13 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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