Free Trial

Bullish Conditions Intact Despite Pullback

GBPUSD TECHS
  • RES 4: 1.3547 1.382 proj of Sep 23 - Oct 21 rally from Nov 2 low
  • RES 3: 1.3514 High Dec 13 and a key resistance
  • RES 2: 1.3482 High Sep 1 and the bull trigger
  • RES 1: 1.3398/3403 High Nov 23 and intraday high / High Sep 2
  • PRICE: 1.3345 @ 10:54 GMT Nov 26
  • SUP 1: 1.3293 Low Nov 24
  • SUP 2: 1.3203 20-day EMA
  • SUP 3: 1.3196 Low Nov 19 and key near-term support
  • SUP 4: 1.3106 Low Nov 12 and a key support

GBPUSD is lower this morning but despite the pullback, remains bullish. A break of Monday's high at 1.3398 would confirm a resumption of the current uptrend to pave the way for a climb towards key resistance at 1.3482, Sep 1 high. On the downside, firm support is seen at 1.3196, low Nov 19. A break of this level is required to dent the bullish mood and risk a deeper corrective sell-off.

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.