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Corrective Pullback

GBPUSD TECHS
  • RES 4: 1.3773 High May 1, 2018
  • RES 3: 1.3712 Low Mar 1, 2018
  • RES 2: 1.3704 High Jan 4
  • RES 1: 1.3636 High Jan 8
  • PRICE: 1.3541 @ 05:54 GMT Jan 12
  • SUP 1: 1.3452 Low Jan 11
  • SUP 2: 1.3430 Low Dec 28
  • SUP 3: 1.3393 50-day EMA
  • SUP 4: 1.3304 Low Dec 22

GBPUSD traded lower Monday and well below recent highs. The pair yesterday breached the 20-day EMA and this signals scope for a deeper short-term pullback. Note, a move lower is likely a correction with underlying bullish trend conditions still intact. Attention is on support at 1.3430, Dec 28 low and 1.3393, the 50-day EMA. On the upside, price needs to trade above Friday's 1.3636 high to refocus attention on last week's high of 1.3704.

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