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GBPUSD TECHS: Bulls Remain In The Driver’s Seat

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.3175 High Oct 4 2024  
  • RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
  • RES 2: 1.3048 High Nov 6 ‘24
  • RES 1: 1.2988/90 High Mar 12 / High Nov 8 2024
  • PRICE: 1.2955 @ 06:22 GMT Mar 13 
  • SUP 1: 1.2862 Low Mar 12     
  • SUP 2: 1.2742 20-day EMA
  • SUP 3: 1.2632 50-day EMA and a short-term pivot support  
  • SUP 4: 1.2559 Low Feb 28      

The trend needle in GBPUSD continues to point north. Moving average studies have recently crossed to a bull-mode position, highlighting a clear dominant uptrend. The pair has pierced a Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg. A clear break of this level would open 1.3048, the Nov 6 2024 high. Initial firm support is 1.2632, the 50-day EMA. A pullback would be considered corrective.

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  • RES 4: 1.3175 High Oct 4 2024  
  • RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
  • RES 2: 1.3048 High Nov 6 ‘24
  • RES 1: 1.2988/90 High Mar 12 / High Nov 8 2024
  • PRICE: 1.2955 @ 06:22 GMT Mar 13 
  • SUP 1: 1.2862 Low Mar 12     
  • SUP 2: 1.2742 20-day EMA
  • SUP 3: 1.2632 50-day EMA and a short-term pivot support  
  • SUP 4: 1.2559 Low Feb 28      

The trend needle in GBPUSD continues to point north. Moving average studies have recently crossed to a bull-mode position, highlighting a clear dominant uptrend. The pair has pierced a Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg. A clear break of this level would open 1.3048, the Nov 6 2024 high. Initial firm support is 1.2632, the 50-day EMA. A pullback would be considered corrective.