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Fast Approaching Key Support At 1.3135

GBPUSD TECHS
  • RES 4: 1.3677 76.4% retracement of the 2017 - 2020 downtrend
  • RES 3: 1.3624 High Dec 17
  • RES 2: 1.3503 High Dec 21
  • RES 1: 1.3379 20-day EMA
  • PRICE: 1.3316 @ 15:54 GMT Dec 21
  • SUP 1: 1.3188 Low Dec 21
  • SUP 2: 1.3135 Low Dec 11 and key support
  • SUP 3: 1.3106 Low Nov 12
  • SUP 4: 1.3079 Trendline support drawn off the Sep 23 low

GBPUSD traded sharply lower Monday as the USD strengthens and Brexit related matters weigh on sentiment. The sharp sell-off from last week's 1.3264 high on Dec 17 brings into focus key support at 1.3135, Dec 11 low. A break of this level would undermine the recent uptrend and signal scope for a deeper pullback. The pair is likely to remain volatile, initial resistance is seen at 1.3379, the 20-day EMA.

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