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GBPUSD TECHS: Bull Cycle Remains In Play

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.2811 High Dec 6 
  • RES 3: 1.2767 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg 
  • RES 2: 1.2667 High Dec 19
  • RES 1: 1.2630 High Feb 14
  • PRICE: 1.2588 @ 06:00 GMT Feb 17
  • SUP 1: 1.2449 20-day EMA     
  • SUP 2: 1.2333/2249 Low Feb 11 / 3 and a key short-term support
  • SUP 3: 1.2161 Low Jan 17 / 20
  • SUP 4: 1.2100 Low Jan 10 and the bear trigger   

A bull cycle in GBPUSD remains in play and last week’s climb strengthens the short-term bullish condition. Recent gains have resulted in a move above both the 20- and 50-day EMAs, and a breach of resistance at 1.2550, the Feb 5 high. Furthermore, 1.2610, 38.2% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A continuation higher would open 1.2767, the 50.0% retracement. Initial firm support to watch lies at 1.2333, the Feb 11 low

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  • RES 4: 1.2811 High Dec 6 
  • RES 3: 1.2767 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg 
  • RES 2: 1.2667 High Dec 19
  • RES 1: 1.2630 High Feb 14
  • PRICE: 1.2588 @ 06:00 GMT Feb 17
  • SUP 1: 1.2449 20-day EMA     
  • SUP 2: 1.2333/2249 Low Feb 11 / 3 and a key short-term support
  • SUP 3: 1.2161 Low Jan 17 / 20
  • SUP 4: 1.2100 Low Jan 10 and the bear trigger   

A bull cycle in GBPUSD remains in play and last week’s climb strengthens the short-term bullish condition. Recent gains have resulted in a move above both the 20- and 50-day EMAs, and a breach of resistance at 1.2550, the Feb 5 high. Furthermore, 1.2610, 38.2% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A continuation higher would open 1.2767, the 50.0% retracement. Initial firm support to watch lies at 1.2333, the Feb 11 low