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GBPUSD TECHS: Bearish Trend Sequence Remains Intact

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.2874 High Nov 12  
  • RES 3: 1.2811 High Dec 6 and key resistance    
  • RES 2: 1.2698 50-day EMA 
  • RES 1: 1.2476/2562 Low Dec 20 / 20-day EMA 
  • PRICE: 1.2441 @ 06:28 GMT Jan 6
  • SUP 1: 1.2353 Low Jan 2
  • SUP 2: 1.2300 Low Apr 22 2024
  • SUP 3: 1.2277 2.0% 10-dma envelope
  • SUP 4: 1.2266 Low Nov 14 2023   

The sharp sell-off in GBPUSD last Thursday confirmed a resumption of the medium-term downtrend. The move lower maintains the bearish price sequence of lower lows and lower highs and note that moving average studies are in a bear-mode position, highlighting a clear downtrend. Sights are on 1.2300, the Apr 22 ‘24 low and an important chart point. Initial firm resistance is at 1.2562, the 20-day EMA.

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  • RES 4: 1.2874 High Nov 12  
  • RES 3: 1.2811 High Dec 6 and key resistance    
  • RES 2: 1.2698 50-day EMA 
  • RES 1: 1.2476/2562 Low Dec 20 / 20-day EMA 
  • PRICE: 1.2441 @ 06:28 GMT Jan 6
  • SUP 1: 1.2353 Low Jan 2
  • SUP 2: 1.2300 Low Apr 22 2024
  • SUP 3: 1.2277 2.0% 10-dma envelope
  • SUP 4: 1.2266 Low Nov 14 2023   

The sharp sell-off in GBPUSD last Thursday confirmed a resumption of the medium-term downtrend. The move lower maintains the bearish price sequence of lower lows and lower highs and note that moving average studies are in a bear-mode position, highlighting a clear downtrend. Sights are on 1.2300, the Apr 22 ‘24 low and an important chart point. Initial firm resistance is at 1.2562, the 20-day EMA.