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Bullish Focus For Now

  • RES 4: 1.2518 High Jun 6
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2293 High Aug 01
  • PRICE: 1.2114 @ 15:53 BST Aug 12
  • SUP 1: 1.2004 Low Aug 5
  • SUP 2: 1.1961 Low Jul 25
  • SUP 3: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing

GBPUSD faded into the Friday close, to finish the week broadly flat. The mid-week recovery reinforces a bullish theme, however, with attention on resistance at 1.2293, the Aug 1 high. A break would signal scope for an extension higher and open 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and the next key key resistance. Initial support to watch is unchanged at 1.2004, Aug 5 low.

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