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Defying Gravity

GBPUSD TECHS
  • RES 4: 1.4082 1.00 proj of May - Sep 2020 rally from Sep 23 low
  • RES 3: 1.4031 High Apr 23, 2018
  • RES 2: 1.3998 High Apr 26, 2018
  • RES 1: 1.3952 Intraday high
  • PRICE: 1.3934 @ 05:49 GMT Feb 16
  • SUP 1: 1.3843 Low Feb 15
  • SUP 2: 1.3776 Low Feb and Key near-term support
  • SUP 3: 1.3737 Low Feb 9
  • SUP 4: 1.3605 50-day EMA

GBPUSD maintains a firmer tone and hit a new cycle high Monday and again today. Continued gains confirm a resumption of the underlying uptrend that has been in place since March 2020. Moving average studies are in a bull mode, reinforcing current conditions. The focus is on 1.3998 next, Apr 26, 2018 high. On the downside, firm support lies at 1.3776, Feb 12 low. A break of this level is required to dent the current bullish sentiment.

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