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GBPUSD TECHS: Challenges Key Support

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.3048 High Nov 6 and a key resistance
  • RES 3: 1.2961 50.0% retracement of the Sep 26 - Nov 22 bear leg  
  • RES 2: 1.2811 High Dec 6 and a short-term bull trigger 
  • RES 1: 1.2670/1.2729 20-day EMA / High Dec 17
  • PRICE: 1.2516 @ 16:32 GMT Dec 23 
  • SUP 1: 1.2476 Low Dec 20
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2400 Round number support
  • SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend   

A bearish trend structure in GBPUSD remains intact and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Friday. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high.  

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  • RES 4: 1.3048 High Nov 6 and a key resistance
  • RES 3: 1.2961 50.0% retracement of the Sep 26 - Nov 22 bear leg  
  • RES 2: 1.2811 High Dec 6 and a short-term bull trigger 
  • RES 1: 1.2670/1.2729 20-day EMA / High Dec 17
  • PRICE: 1.2516 @ 16:32 GMT Dec 23 
  • SUP 1: 1.2476 Low Dec 20
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2400 Round number support
  • SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend   

A bearish trend structure in GBPUSD remains intact and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Friday. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high.