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Downtrend Remains Intact

  • RES 4: 1.3698 High Nov 4
  • RES 3: 1.3607 High Nov 9
  • RES 2: 1.3514 High Nov 18 and a key resistance
  • RES 1: 1.3321/70 20-day EMA / High Nov 30
  • PRICE: 1.3206 @ 06:07 GMT Dec 14
  • SUP 1: 1.3163 Low Dec 08
  • SUP 2: 1.3122 1.0% 10-dma envelope
  • SUP 3: 1.3135 Low Dec 11 2020
  • SUP 4: 1.3063 3.0% Lower Bollinger Band

GBPUSD has failed to hold onto Friday’s gains. The pair remains in a downtrend. Last week’s move to a fresh trend low of 1.3163 on Dec 8 confirmed a resumption of the downtrend and maintains a bearish price sequence of lower lows and lower highs. The focus is on a vol-band support at, 1.3122 today, ahead of the Dec 11 2020 lows of 1.3131. Resistance to watch is at 1.3321, the 20-day EMA. A break would be bullish.

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