Free Trial

Bull Cycle Extension

GBPUSD TECHS
  • RES 4: 1.2667 High May 27
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2444 Intraday high
  • PRICE: 1.2416 @ 14:32 GMT Dec 14
  • SUP 1: 1.2209/2107 Low Dec 9 and 12 / Low Dec 7
  • SUP 2: 1.2049 20-day EMA
  • SUP 3: 1.1901 Low Nov 30 and a key short-term support
  • SUP 4: 1.1815 50-day EMA

Trend conditions in GBPUSD remain bullish and today’s rally has reinforced this theme. The pair has cleared resistance 1.2345, the Dec 5 high and bull trigger. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on a climb towards 1.2506, a Fibonacci projection. On the downside, key short term trend support has been defined at 1.2107, the Dec 7 low.

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.