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Corrective Bounce

GBPUSD TECHS
  • RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 3: 1.2401/2448 High Feb 2 / High Jan 23 and the bull trigger
  • RES 2: 1.2265 High Feb 3
  • RES 1: 1.2194 High Feb 9
  • PRICE: 1.2166 @ 16:10 GMT Feb 9
  • SUP 1: 1.1948 200-dma
  • SUP 2: 1.1859 3.0% 10-dma envelope
  • SUP 3: 1.1842 Low Jan 6 and a reversal trigger
  • SUP 4: 1.1800 Round number support

GBPUSD maintains a softer tone despite the recovery from Tuesday’s low. Recent weakness reinforces a short-term bearish theme and signals scope for a continuation. Sights are on the 200-dma next at 1.1948. A move through this level would expose key support at 1.1842, Jan 6 low. A break of 1.1842 would highlight a potential trend reversal and a possible double top. Firm resistance is 1.2265, Feb 3 high. Key resistance is 1.2448, Jan 23 high.

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