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Bear Threat Still Present

GBPUSD TECHS
  • RES 4: 1.2667 High May 27
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2446 High Dec 14 and the bull trigger
  • PRICE: 1.2138 @ 16:18 GMT Dec 20
  • SUP 1: 1.2086 Low Dec 20
  • SUP 2: 1.2054 Low Dec 1
  • SUP 3: 1.1905/1901 50-day EMA / Low Nov 30 and a key support
  • SUP 4: 1.1779 Low Nov 21

GBPUSD is trading closer to its recent lows and the short-term outlook appears bearish. This follows the move lower on Dec 15. Attention is on the first key support at 1.2107, the Dec 7 low. It has been pierced, a clear break would open 1.1901, the Nov 30 low. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high. A turn higher and a break of this hurdle, would confirm a resumption of the uptrend.

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