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Bull Cycle Remains In Play

GBPUSD TECHS
  • RES 4: 1.2643 High Sep 4
  • RES 3: 1.2589 50.0% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2583 2.0% 10-dma envelope
  • RES 1: 1.2506 High Nov 14
  • PRICE: 1.2415 @ 06:19 GMT Nov 17
  • SUP 1: 1.2314 50-day EMA
  • SUP 2: 1.2187 Low Nov 10 and key short-term support
  • SUP 3: 1.2138 Low Nov 2
  • SUP 4: 1.2070 Low Oct 26

A bull cycle in GBPUSD remains in play. The pair rallied sharply higher on Tuesday to confirm a resumption of the uptrend that started Oct 4. Resistance at 1.2428, the Nov 6 high, has been breached and note that price is also through 1.2459, 38.2% of the Jul 14 - Oct 4 bear leg. This opens 1.2589 next, the 50.0% retracement point. Firm short-term support is at 1.2187, the Nov 10 low. A short-term pullback is considered corrective.

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