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Bearish Risk Still 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: 1.3370/3379 High Nov 30 / 20-day EMA
  • PRICE: 1.3286 @ 06:09 GMT Dec 7
  • SUP 1: 1.3195 Low Nov 30 and the bear trigger
  • SUP 2: 1.3188 Low Dec 21 2020
  • SUP 3: 1.3165 38.2% Mar ‘20 - Jun ‘21 Upleg
  • SUP 4: 1.3040 2.0% 10-dma envelope

GBPUSD remains weak despite still trading above recent lows. 1.3195, Nov 30 low, represents an important short-term support and bear trigger following the volatile nature of price action early last week. A break lower would resume the downtrend and pave the way for weakness towards 1.3165, a retracement level. Resistance is seen at 1.3379, the 20-day EMA. A break would signal a potential short-term base.

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