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GBPUSD TECHS: Bull Flag

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.2667 High Dec 19 
  • RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing    
  • RES 2: 1.2576 High Jan 7
  • RES 1: 1.2510/23 50-day EMA / High Jan 27 
  • PRICE: 1.2421 @ 06:07 GMT Jan 31
  • SUP 1: 1.2400/2294 20-day EMA / Low Jan 23  
  • SUP 2: 1.2229 Low Jan 21
  • SUP 3: 1.2100 Low Jan 10 and the bear trigger 
  • SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

A bull cycle in GBPUSD remains in play and the pair is trading just below its recent highs. The latest pause appears to be a flag formation - a bullish continuation pattern. Attention is on the 50-day EMA, at 1.2510 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged and  remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 and bear trigger.

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  • RES 4: 1.2667 High Dec 19 
  • RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing    
  • RES 2: 1.2576 High Jan 7
  • RES 1: 1.2510/23 50-day EMA / High Jan 27 
  • PRICE: 1.2421 @ 06:07 GMT Jan 31
  • SUP 1: 1.2400/2294 20-day EMA / Low Jan 23  
  • SUP 2: 1.2229 Low Jan 21
  • SUP 3: 1.2100 Low Jan 10 and the bear trigger 
  • SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

A bull cycle in GBPUSD remains in play and the pair is trading just below its recent highs. The latest pause appears to be a flag formation - a bullish continuation pattern. Attention is on the 50-day EMA, at 1.2510 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged and  remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 and bear trigger.