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Bullish Trend Conditions Remain Intact

  • RES 4: 1.3804 High Apr 30, 2018
  • RES 3: 1.3773 High May 1, 2018
  • RES 2: 1.3750 0.764 proj of May 18 - Sep 1 rally from Sep 23 low
  • RES 1: 1.3746 High Jan 21
  • PRICE: 1.3722 @ 06:07 GMT Jan 25
  • SUP 1: 1.3605 20-day EMA
  • SUP 2: 1.3520 Low Jan 18 and key near-term support
  • SUP 3: 1.3505 Low Jan 12
  • SUP 4: 1.3472/52 50-day EMA / Low Jan 11

GBPUSD traded to a new multi-year high at 1.3746 last week. The outlook remains bullish. The sequence of higher highs and higher lows remains in place reinforcing the bullish trend. Attention is on 1.3773 next, the May 1 2018 high. To the downside, near-term firm support has been defined at 1.3520, Jan 18. A breach would signal scope for a deeper short-term sell-off and expose a key support at 1.3452, Jan 11 low. Initial support is 1.3605, the 20-day EMA.

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