Free Trial

Bearish Threat Still Present

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14, 2021
  • RES 3: 1.3835 High Oct 20 and key resistance
  • RES 2: 1.3721/49 200-dma / High Jan 13
  • RES 1: 1.3525/3662 High Jan 26 / High Jan 20
  • PRICE: 1.3421 @ 16:28 GMT Jan 31
  • SUP 1: 1.3358 Low Jan 27
  • SUP 2: 1.3343 Low Dec 23
  • SUP 3: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase
  • SUP 4: 1.3254 2.0% 10-dma envelope

A bearish risk remains present in GBPUSD. This follows the strong reversal off 1.3749, Jan 13 high. The pair has recently breached both the 20- and 50-day EMAs and a number of retracement levels, highlighting a bearish threat. The focus is on 1.3343, Dec 23 low and 1.3301, a Fibonacci retracement. Initial firm resistance is seen at 1.3525, Jan 26 high. A break would ease bearish pressure.

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.