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Bullish Focus

  • RES 4: 122.93 High Aug 1 and a key resistance
  • RES 3: 1.2276 High Aug 10
  • RES 2: 1.2168 200-dma
  • RES 1: 1.2154 High Nov 24
  • PRICE: 1.1977 @ 06:02 GMT Nov 30
  • SUP 1: 1.1873 Low Nov 23
  • SUP 2: 1.1805 20-day EMA
  • SUP 3: 1.1643 50-day EMA
  • SUP 4: 1.1500 Round number support

Trend conditions in GBPUSD remain bullish and the latest pullback is considered corrective. Last week’s gains confirmed an extension of the positive price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position. Sights are on 1.2168 next, the 200-dma. Key short-term support to watch is 1.1789, the 20-day EMA. A break of this average would concern bulls.

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