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Focus Is On Key Support At 1.3135

  • RES 4: 1.3712 Low Mar 1, 2018
  • RES 3: 1.3677 76.4% retracement of the 2017 - 2020 downtrend
  • RES 2: 1.3624 High Dec 17 and the bull trigger
  • RES 1: 1.3503 High Dec 21
  • PRICE: 1.3402 @ 05:54 GMT Dec 23
  • 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: 1.3092 Trendline support drawn off the Sep 23 low

GBPUSD traded sharply lower Monday as the USD strengthened and Brexit related matters weighed on sentiment. The pair however recovered off 1.3188 but conditions remain volatile. The sharp sell-off from last week's 1.3264 high on Dec 17 highlights the importance of 1.3135, Dec 11 low as support. A break would undermine the recent uptrend and signal scope for a deeper pullback. Initial resistance is seen at 1.3503, Dec 21 high.

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