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Consolidation Mode

GBPUSD TECHS
  • RES 4: 1.3983 High Jul 30
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and a key resistance
  • RES 1: 1.3835 High Oct 20
  • PRICE: 1.3772 @ 06:10 BST Oct 27
  • SUP 1: 1.3713 20-day EMA
  • SUP 2: 1.3655 Low Oct 14
  • SUP 3: 1.3544 Low Oct 6
  • SUP 4: 1.3476/12 2.0% 10-dma env / Low Sep 29 and bear trigger

GBPUSD is consolidating and trading near recent highs. The recent pullback appears to be a shallow correction and this reinforces a bullish theme. The rally from late September remains intact and the recent breach of the 50-day EMA and last week's extension signals scope for further gains. Price has traded above 1.3795, 76.4% of the Sep 14 -29 downleg. The focus is on 1.3913, Sep 14 high. A firm S/T support is at 1.3713, the 20-day EMA.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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