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Bull Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 3: 1.2446 High Dec 14 and the bull trigger
  • RES 2: 1.2430 High Dec 15
  • RES 1: 1.2336 High Jan 17
  • PRICE: 1.2314@ 08:12 GMT Jan 18
  • SUP 1: 1.2133/2083 20-day EMA / Low Jan 9
  • SUP 2: 1.2024/2017 1.0% 10-dma envelope / 50-day EMA
  • SUP 3: 1.1842 Low Jan 6 and the bear trigger
  • SUP 4: 1.1779 Low Nov 21

GBPUSD is holding on to its recent gains and a bullish condition remains intact. The pair has recently cleared resistance at 1.2242, the Dec 19 high and today, has breached 1.2303, the 76.4% retracement of the Dec 14 - Jan 6 bear leg. The clear breach exposes 1.2446, the Dec 14 high and a key resistance. On the downside, initial firm support is seen at 1.2083, the Jan 9 low. Key support lies at 1.1842, the Jan 6 low.

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