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Double Top?

  • RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 3: 1.2401/2448 High Feb 2 / High Jan 23 and the bull trigger
  • RES 2: 1.2265 High Feb 3
  • RES 1: 1.2138 50-day EMA
  • PRICE: 1.2048 @ 05:50 GMT Feb 7
  • SUP 1: 1.2000/1985 Round number support / 76.4% of Jan 6-23 rally
  • SUP 2: 1.1919 3.0% 3.0% 10-dma envelope
  • SUP 3: 1.1842 Low Jan 6 and a reversal trigger
  • SUP 4: 1.1800 Round number support

GBPUSD traded lower Monday. Price has cleared a number of important short-term supports, including the 50-day EMA, at 1.2138. The close below this average has strengthened a bearish theme and signals scope for a move towards 1.2000 and key support at 1.1842, Jan 6 low. A break of the latter would highlight a potential trend reversal and a possible double top. Firm resistance is 1.2265, Friday’s high. Key resistance is 1.2448, Jan 23 high.

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