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OPTIONS

Expiries for Mar05 NY cut 1000ET (Source DTCC)

GBP

GBP/JPY Tops Out at Three Year Highs

GILT SUMMARY

Sunak's Budget Faces Mounting Criticism

Bullish Focus

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 26 / High Sep 2
  • PRICE: 1.3342 @ 16:23 GMT Nov 30
  • SUP 1: 1.3289 Low Nov 27
  • SUP 2: 1.3227 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 trading below recent highs. The outlook though remains bullish. A break of the Nov 23/26 high of 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 breach of this level is required to dent the bullish mood and risk a deeper corrective sell-off.