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Bull Cycle Extends

GBPUSD TECHS
  • RES 4: 1.3745 2.0% 10-dma envelope
  • RES 3: 1.3676 61.8% retracement of the Oct - Dec sell-off
  • RES 2: 1.3607 High Nov 9
  • RES 1: 1.3599 High Jan 6
  • PRICE: 1.3536 @ 16:46 GMT Jan 6
  • SUP 1: 1.3431 Low Jan 3
  • SUP 2: 1.3419 20-day EMA
  • SUP 3: 1.3343 Low Dec 23
  • SUP 4: 1.3240 Low Dec 22

GBPUSD traded higher again Wednesday, confirming a resumption of the current uptrend. The 100-dma at 1.3558 has been probed. A clear break would firm the bullish outlook and maintain the current positive momentum structure with the trajectory of the 50-dma beginning to level out. Scope is seen for a climb to 1.3676 next, a Fibonacci retracement. Support to watch is 1.3419, the 20-day EMA. A move below this average would signal a top.

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