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GBPUSD TECHS: MA Studies Highlight A Dominant Downtrend

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: 1.2826/2941 20- and 50-day EMA values 
  • RES 1: 1.2768 High Nov 13  
  • PRICE: 1.2590 @ 16:47 GMT Nov 21 
  • SUP 1: 1.2589 Low Nov 21
  • SUP 2: 1.2568 76.4% retracement of the Apr 22 - Sep 26 bull cycle  
  • SUP 3. 1.2510 Low May 14  
  • SUP 4: 1.2446 Low Sep 9   

GBPUSD continues to trade closer to its recent lows and the trend condition remains bearish. Moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A recent support at 1.2665, the Aug 8 low, has recently been cleared, paving the way for a move towards 1.2568, a Fibonacci retracement. Initial firm resistance to watch is at 1.2826 the 20-day EMA. A short-term bounce would be considered corrective.   

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  • RES 4: 1.3175 High Oct 4 
  • RES 3: 1.3048 High Nov 6 and a key resistance
  • RES 2: 1.2826/2941 20- and 50-day EMA values 
  • RES 1: 1.2768 High Nov 13  
  • PRICE: 1.2590 @ 16:47 GMT Nov 21 
  • SUP 1: 1.2589 Low Nov 21
  • SUP 2: 1.2568 76.4% retracement of the Apr 22 - Sep 26 bull cycle  
  • SUP 3. 1.2510 Low May 14  
  • SUP 4: 1.2446 Low Sep 9   

GBPUSD continues to trade closer to its recent lows and the trend condition remains bearish. Moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A recent support at 1.2665, the Aug 8 low, has recently been cleared, paving the way for a move towards 1.2568, a Fibonacci retracement. Initial firm resistance to watch is at 1.2826 the 20-day EMA. A short-term bounce would be considered corrective.