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GBPUSD TECHS: Clears The Bull Triigger 

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 1: 1.3298 High Sep 18
  • PRICE: 1.3269 @ 19:47 BST Sep 18
  • SUP 1: 1.3101/3002 20-day EMA / Low Sep 11
  • SUP 2: 1.2993 50-day EMA
  • SUP 3: 1.2895 61.8% retracement of the Aug 8 - 27 bull leg
  • SUP 4:  1.2852 Low Aug 16   

GBPUSD traded higher Wednesday, and this resulted in a move through key resistance at 1.3266, the Aug 27 high. The break of this level confirms a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards 1.3328, a Fibonacci retracement point. Initial firm support lies at  1.3101, the 20-day EMA. 

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  • RES 4: 1.3425 1.764 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 1: 1.3298 High Sep 18
  • PRICE: 1.3269 @ 19:47 BST Sep 18
  • SUP 1: 1.3101/3002 20-day EMA / Low Sep 11
  • SUP 2: 1.2993 50-day EMA
  • SUP 3: 1.2895 61.8% retracement of the Aug 8 - 27 bull leg
  • SUP 4:  1.2852 Low Aug 16   

GBPUSD traded higher Wednesday, and this resulted in a move through key resistance at 1.3266, the Aug 27 high. The break of this level confirms a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards 1.3328, a Fibonacci retracement point. Initial firm support lies at  1.3101, the 20-day EMA.