Free Trial

Downtrend Extends

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20
  • RES 3: 1.3698 High Nov 4
  • RES 2: 1.3514/3607 High Nov 18 and a key resistance / High Nov 9
  • RES 1: 1.3474 20-day EMA
  • PRICE: 1.3318 @ 16:56 GMT Nov 26
  • SUP 1: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 2: 1.3188 Low Dec 21 2020
  • SUP 3: 1.3165 38.2% Mar '20 - Jun '21 Upleg
  • SUP 4: 1.3135 Low Dec 11 2020

GBPUSD remains weak, despite modest stabilisation Friday. This week's breach of 1.3353, Nov 12 low and 1.3334, 1.00 projection of the Sep 14 - 29 - Oct 20 price swing cements the bearish outlook and paves the way for an extension lower. Furthermore, moving average studies remain in a bear mode, reinforcing current conditions. The focus is on 1.3216 next, a Fibonacci projection level. Firm resistance has been defined at 1.3514, Nov 9 high.

  • RES 4: 1.3835 High Oct 20
  • RES 3: 1.3698 High Nov 4
  • RES 2: 1.3514/3607 High Nov 18 and a key resistance / High Nov 9
  • RES 1: 1.3474 20-day EMA
  • PRICE: 1.3318 @ 16:56 GMT Nov 26
  • SUP 1: 1.3216 1.236 proj of the Sep 14 - 29 - Oct 20 price swing
  • SUP 2: 1.3188 Low Dec 21 2020
  • SUP 3: 1.3165 38.2% Mar '20 - Jun '21 Upleg
  • SUP 4: 1.3135 Low Dec 11 2020

GBPUSD remains weak, despite modest stabilisation Friday. This week's breach of 1.3353, Nov 12 low and 1.3334, 1.00 projection of the Sep 14 - 29 - Oct 20 price swing cements the bearish outlook and paves the way for an extension lower. Furthermore, moving average studies remain in a bear mode, reinforcing current conditions. The focus is on 1.3216 next, a Fibonacci projection level. Firm resistance has been defined at 1.3514, Nov 9 high.

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.