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Bullish Price Action

GBPUSD TECHS
  • RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 3: 1.2446 High Dec 14 and the bull trigger
  • RES 2: 1.2242/2303 High Dec 19 / 76.4% of Dec 14 - Jan 6 bear leg
  • RES 1: 1.2210 High Jan 9
  • PRICE: 1.2173 @ 05:57 GMT Jan 10
  • SUP 1: 1.2071 20-day EMA
  • SUP 2: 1.1966/23 50-day EMA / 1.0% 10-dma envelope
  • SUP 3: 1.1842 Low Jan 6 and the bear trigger
  • SUP 4: 1.1779 Low Nov 21

GBPUSD traded higher Monday, adding to Friday’s strong bounce. The recovery from Friday’s low of 1.1842 highlighted an early reversal and yesterday’s follow through reinforces the signal that highlights the end of the recent bear cycle between Dec 14 - Jan 6. MA studies are in a bull-mode position and this suggests that the medium-term trend direction is up. Sights are on 1.2242 next, Dec 19 high. Key support is at 1.1842, the Jan 6 low.

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