Free Trial

Corrective Pullback, Still Bullish

GBPUSD TECHS
  • RES 4: 1.2241 200-dma
  • RES 3: 1.2143 High Aug 17
  • RES 2: 1.2068 4.0% 10-dma envelope
  • RES 1: 1.2028 High Nov 15
  • PRICE: 1.1796 @ 15:05 GMT Nov 17
  • SUP 1: 1.1647 Low Nov 11
  • SUP 2: 1.1504 50-day EMA
  • SUP 3: 1.1334/1150 Low Nov 09 / Nov 04 and a bear trigger
  • SUP 4: 1.1061 Low Oct 21

GBPUSD sits lower headed into the Thursday close. This partially alleviates concerns that the pair could enter overbought territory, after prices on Tuesday pierced the 3.0% 10-dma envelope. Thursday’s moves are considered corrective, with the outlook holding bullish for now. Tuesday’s high of 1.2028 is the trigger for a resumption of gains. Firm support lies at 1.1504, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.