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GBPUSD TECHS: Corrective Bounce

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.3175 High Oct 4 
  • RES 3: 1.3048 High Nov 6 and a key resistance
  • RES 2: 1.2739/2885 20- and 50-day EMA values 
  • RES 1: 1.2688 High Nov 26  
  • PRICE: 1.2671 @ 16:16 GMT Nov 27 
  • SUP 1: 1.2487 Low Nov 22  
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend 
  • SUP 4: 1.2300 Low Apr 22 and a key support     

Markets underwent a corrective bounce Wednesday, despite the dominant downtrend in the pair. The pair continues to trade closer to its recent lows, with moving average studies in a bear-mode set-up. Sights are on 1.2446, the May 9 low. Initial firm resistance to watch is at 1.2739 the 20-day EMA - a level not tested on the Wednesday recovery. The short-term bounce is considered corrective and allows an oversold condition to unwind.

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  • RES 4: 1.3175 High Oct 4 
  • RES 3: 1.3048 High Nov 6 and a key resistance
  • RES 2: 1.2739/2885 20- and 50-day EMA values 
  • RES 1: 1.2688 High Nov 26  
  • PRICE: 1.2671 @ 16:16 GMT Nov 27 
  • SUP 1: 1.2487 Low Nov 22  
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend 
  • SUP 4: 1.2300 Low Apr 22 and a key support     

Markets underwent a corrective bounce Wednesday, despite the dominant downtrend in the pair. The pair continues to trade closer to its recent lows, with moving average studies in a bear-mode set-up. Sights are on 1.2446, the May 9 low. Initial firm resistance to watch is at 1.2739 the 20-day EMA - a level not tested on the Wednesday recovery. The short-term bounce is considered corrective and allows an oversold condition to unwind.