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GBPUSD TECHS: Corrective Cycle

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: 1.2840 50-day EMA 
  • RES 1: 1.2771 High Dec 5 
  • PRICE: 1.2755 @ 16:36 GMT Dec 5 
  • SUP 1: 1.2617/2487 Low Dec 2 / Low Nov 22 and the bear trigger   
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend 
  • SUP 4: 1.2300 Low Apr 22 and a key support     

GBPUSD traded to a fresh short-term trend high on Thursday and the pair is holding on to its gains. A move higher is considered corrective and is allowing an oversold trend condition to unwind. Initial firm resistance at 1.2720, the 20-day EMA, has been breached, signalling scope for a stronger recovery towards the 50-day EMA, at 1.2840. The medium-term trend direction is down, the bear trigger is 1.2487, the Nov 22 low

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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: 1.2840 50-day EMA 
  • RES 1: 1.2771 High Dec 5 
  • PRICE: 1.2755 @ 16:36 GMT Dec 5 
  • SUP 1: 1.2617/2487 Low Dec 2 / Low Nov 22 and the bear trigger   
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend 
  • SUP 4: 1.2300 Low Apr 22 and a key support     

GBPUSD traded to a fresh short-term trend high on Thursday and the pair is holding on to its gains. A move higher is considered corrective and is allowing an oversold trend condition to unwind. Initial firm resistance at 1.2720, the 20-day EMA, has been breached, signalling scope for a stronger recovery towards the 50-day EMA, at 1.2840. The medium-term trend direction is down, the bear trigger is 1.2487, the Nov 22 low