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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Bullish Price Sequence Intact

  • RES 4: 1.3958 High Aug 4, 2021
  • RES 3: 1.3913 High Sep 14, 2021
  • RES 2: 1.3835/55 High Oct 20 and key resistance / 2.0% 10-dma env
  • RES 1: 1.3737/49 200-dma/High Jan 13
  • PRICE: 1.3654 @ 16:25 GMT Jan 17
  • SUP 1: 1.3621 Low Jan 12
  • SUP 2: 1.3531/3485 20-day EMA / 50-day EMA
  • SUP 3: 1.3409 Low Dec 29
  • SUP 4: 1.3343 Low Dec 23

GBPUSD trend conditions are unchanged and the outlook remains bullish. The pair last week cleared 1.3676, 76.4% of the Oct - Dec downleg. This strengthens the bullish case and maintains the current bullish price sequence of higher highs and higher lows. Attention is on the 200-dma at 1.3737. A firm break of this average and close above it, would open 1.3835, Oct 20 high. Key short-term support to watch is 1.3531, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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