Free Trial

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: 1.2609 @ 08:58 GMT Feb 21
  • 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

A bear threat in GBPUSD remains present despite the early bounce this week. The move lower from yesterday’s high, signals the end of the recent corrective bounce. A continuation 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, the Jan 17 low, to confirm a range breakout, paving the way for a move towards 1.2500, the Dec 13 low. Initial resistance is at 1.2684, the Feb 13 high.

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

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.