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Fails to Test Monday High

  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2558 High Jub 9, 2022
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2448 High Jan 23
  • PRICE: 1.2344 @ 16:12 GMT Jan 25
  • SUP 1: 1.2264 Low Jan 24
  • SUP 2: 1.2226/2083 20-day EMA / Low Jan 9
  • SUP 3: 1.2081 50-day EMA
  • SUP 4: 1.1842 Low Jan 6 and the bear trigger

GBPUSD has pulled back from recent highs. The move lower is considered corrective. A broader bullish structure remains intact and moving average studies continue to highlight an uptrend. Earlier this week, price pierced resistance at 1.2446, Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend that started late September 2022 and open 1.2506, a Fibonacci projection. Initial firm support is 1.2226, the 20-day EMA.

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