Free Trial

Bearish Theme Following A Range Breakout

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: 1.2697/2775 20-day EMA / High Jan 24
  • RES 1: 1.2597 Low Jan 17
  • PRICE: 1.2575 @ 16:11 GMT Feb 6
  • SUP 1: 1.2519 Low Feb 5
  • 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 traded sharply lower Friday and extended the pullback through Monday’s session. The sell-off has resulted in a clear break of support at 1.2597, the Jan 17 low and the base of a range that has been in place since mid-January. The clear range breakout strengthens a bearish condition and opens 1.2500, the Dec 13 low. Initial firm resistance is at 1.2682, the 20-day EMA. Key resistance is unchanged at 1.2827, the Dec 28 high.

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.