Free Trial

GBPUSD TECHS: Approaching Key Resistance

GBPUSD TECHS
  • RES 4: 1.3193 2.236 proj of the Apr 22 - May 3 - 9 price swing   
  • RES 3: 1.3142 High Jul 14 ‘23 and a key resistance 
  • RES 2: 1.3140 Top of a bull channel drawn from the Oct 4 ‘23 low
  • RES 1: 1.3119 High Aug 21
  • PRICE: 1.3084 @ 06:09 BST Aug 22
  • SUP 1: 1.2975/2880 Low Jul 20 / 20-day EMA  
  • SUP 2: 1.2821/2665 50-day EMA / Low Aug 8 and the bear trigger 
  • SUP 3: 1.2613 Low Jun 27 and a key support
  • SUP 4: 1.2584 61.8% retracement of the Apr 22 - Jul 17 bull cycle

GBPUSD bullish conditions remain intact. The pair has traded higher this week resulting in a break of key resistance at 1.3044, the Jul 17 high and a bull trigger. The clear breach of this hurdle strengthens a bullish condition and confirms a resumption of the uptrend that started Apr 22. Scope is seen for a climb towards 1.3140/42, the top of a bull channel drawn from the Oct 4 ‘23 low and the Jul 14’23 high. Firm support to watch is 1.2880, the 20-day EMA.

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.