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GBPUSD TECHS: Monitoring Resistance

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 2: 1.3266 High Aug 27 and the bull trigger
  • RES 1: 1.3238 High Sep 6
  • PRICE: 1.3153 @ 06:14 BST Sep 16
  • SUP 1: 1.3081/3002 20-day EMA / Low Sep 11
  • SUP 2: 1.2976 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 bounced off last week’s lows. The recent move down is considered corrective and has allowed an overbought condition to unwind. A stronger reversal higher would refocus attention on key short-term resistance at 1.3266, the Aug 27 high. For bears, a resumption of the downleg would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2976. First key support to watch is 1.3002, the Sep 11 low.

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  • RES 4: 1.3362 1.618 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3328 76.4% retrace of the Jun 2021 - Sep 2022 bear leg
  • RES 2: 1.3266 High Aug 27 and the bull trigger
  • RES 1: 1.3238 High Sep 6
  • PRICE: 1.3153 @ 06:14 BST Sep 16
  • SUP 1: 1.3081/3002 20-day EMA / Low Sep 11
  • SUP 2: 1.2976 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 bounced off last week’s lows. The recent move down is considered corrective and has allowed an overbought condition to unwind. A stronger reversal higher would refocus attention on key short-term resistance at 1.3266, the Aug 27 high. For bears, a resumption of the downleg would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2976. First key support to watch is 1.3002, the Sep 11 low.