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Bounce Extends

  • RES 4: 1.3079 50.0% retracement of the Sep 1 - 23 sell-off
  • RES 3: 1.3035 High Sep 10
  • RES 2: 1.3007 High Sep 16 and key near-term resistance
  • RES 1: 1.2916/26 20- and 50-day EMA
  • PRICE: 1.2888 @ 11:17 BST Sep 28
  • SUP 1: 1.2676 Low Sep 23 and the bear trigger
  • SUP 2: 1.2670 High Jul 9
  • SUP 3: 1.2644 Low Low Jul 22
  • SUP 4: 1.2542 76.4% retracement of the Jun 29 - Sep 1 rally

GBPUSD is firmer this morning as Sterling rallies. This morning's move has resulted in breach of initial resistance at 1.2867, Sep 22 high. The break higher has exposed the 1.2916-26 resistance zone that marks the 20-and 50-day EMAs. This also represents an important resistance area and if cleared, would suggest scope for stronger gains towards 1.3007, Sep 16 high and a key near-term hurdle for bulls. Key support lies at 1.2676, Sep 23 low.

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