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GBPUSD TECHS: Bull Cycle Still In Play

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3500 Round number resistance 
  • RES 3: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 1: 1.3340 HIgh Sep 20 
  • PRICE: 1.3310 @ 19:09 BST Sep 20
  • SUP 1: 1.3128 20-day EMA
  • SUP 2: 1.3012/3002 50-day EMA / Low Sep 11
  • SUP 3: 1.2890 Low Aug 19
  • SUP 4: 1.2852 Low Aug 16   

GBPUSD traded higher last week. The extension higher resulted in a print above key resistance at 1.3266, the Aug 27 high. This break confirms a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Sights are on 1.3362 next, a Fibonacci projection point. Initial firm support is 1.3128, the 20-day EMA.

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  • RES 4: 1.3500 Round number resistance 
  • RES 3: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 1: 1.3340 HIgh Sep 20 
  • PRICE: 1.3310 @ 19:09 BST Sep 20
  • SUP 1: 1.3128 20-day EMA
  • SUP 2: 1.3012/3002 50-day EMA / Low Sep 11
  • SUP 3: 1.2890 Low Aug 19
  • SUP 4: 1.2852 Low Aug 16   

GBPUSD traded higher last week. The extension higher resulted in a print above key resistance at 1.3266, the Aug 27 high. This break confirms a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Sights are on 1.3362 next, a Fibonacci projection point. Initial firm support is 1.3128, the 20-day EMA.