Free Trial

Bullish Focus

GBPUSD TECHS
  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1495 High Oct 5 and the bull trigger
  • RES 1: 1.1430 50-day EMA
  • PRICE: 1.1187 @ 07:16 BST Oct 21
  • SUP 1: 1.1148/1058 Low Oct 17 / 13
  • SUP 2: 1.0924/22 Low Oct 12 / 50.0% of Sep 26 - Oct 5 bull cycle
  • SUP 3: 1.0787 61.8% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 4: 1.0541/0350 Low Sep 28 / All Time Low

Short-term conditions in GBPUSD remain bullish despite the pullback from Monday’s high. Key near-term support is unchanged at 1.0924, the Oct 12 low. An extension higher would signal scope for a test of 1.1495, the Oct 5 high and the bull trigger. Clearance of this level would strengthen bullish conditions plus highlight scope for a stronger reversal. On the downside, a clearance of 1.0924 would instead reinstate a bearish theme.

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.