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ARGENTINA

Beef Exports Deal Expected, CPI Due

Bullish Outlook

GBPUSD TECHS
  • RES 4: 1.3804 High Apr 30, 2018
  • RES 3: 1.3773 High May 1, 2018
  • RES 2: 1.3677 76.4% retracement of the 2017 - 2020 downtrend
  • RES 1: 1.3624 High Dec 17
  • PRICE: 1.3522 @ 05:29 GMT Dec 18
  • SUP 1: 1.3435 Low Dec 16
  • SUP 2: 1.3364 20-day EMA
  • SUP 3: 1.3265 Low Dec 14
  • SUP 4: 1.3135 Low Dec 11 and key support

GBPUSD traded higher Thursday to extend the climb off the Dec 11 low of 1.3135. The outlook is bullish despite today's pullback. The pair has cleared 1.3539, Dec 4 high. This confirms the end of the corrective phase between Dec 4 - 11. An extension higher would open 1.3677, the 76.4% retracement of the 2017 - 2020 downtrend. On the downside, key support lies at 1.3135, Dec 11 low. A firm initial support lies at 1.3364, the 20-day EMA.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com