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Dips Considered Corrective

GBPUSD TECHS
  • RES 4: 1.3983 High Jul 30
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and a key resistance
  • RES 1: 1.3854 High Sep 15
  • PRICE: 1.3769 @ 16:11 BST Oct 25
  • SUP 1: 1.3701 20-day EMA
  • SUP 2: 1.3655 Low Oct 14
  • SUP 3: 1.3544 Low Oct 6
  • SUP 4: 1.3442/12 2.0% 10-dma env / Low Sep 29 and bear trigger

GBPUSD is trading near recent highs and the recent pullback appears to be a shallow correction. The rally that started late September remains intact and the recent breach of the 50-day EMA plus last week's extension reinforce bullish conditions. Furthermore, price has traded above 1.3795, 76.4% of the Sep 14 -29 downleg. This opens 1.3913, Sep 14 high and a key resistance. On the downside, a firm S/T support is seen at 1.3701, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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