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GBPUSD TECHS: Corrective Bounce Extends

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: 1.2734/2877 20- and 50-day EMA values 
  • RES 1: 1.2694 High Nov 27  
  • PRICE: 1.2678 @ 16:28 GMT Nov 28 
  • SUP 1: 1.2487 Low Nov 22 and the bear trigger   
  • 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     

Gains Wednesday in GBPUSD highlight the possible start of a corrective cycle. A move higher is allowing an oversold trend condition to unwind. Initial firm resistance to monitor is 1.2734, the 20-day EMA. The medium-term trend condition remains bearish, with moving average studies in a bear-mode set-up. A resumption of the trend would open 1.2446, the May 9 low. The bear trigger is 1.2487, the Nov 22 low. 

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  • RES 4: 1.3175 High Oct 4 
  • RES 3: 1.3048 High Nov 6 and a key resistance
  • RES 2: 1.2734/2877 20- and 50-day EMA values 
  • RES 1: 1.2694 High Nov 27  
  • PRICE: 1.2678 @ 16:28 GMT Nov 28 
  • SUP 1: 1.2487 Low Nov 22 and the bear trigger   
  • 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     

Gains Wednesday in GBPUSD highlight the possible start of a corrective cycle. A move higher is allowing an oversold trend condition to unwind. Initial firm resistance to monitor is 1.2734, the 20-day EMA. The medium-term trend condition remains bearish, with moving average studies in a bear-mode set-up. A resumption of the trend would open 1.2446, the May 9 low. The bear trigger is 1.2487, the Nov 22 low.