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GBPUSD TECHS: Sights Are On Key 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: 1.3159 @ 05:57 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 Monday, extending the latest recovery, but has since pulled back. The recent move down (since Aug 28) is considered corrective and this has allowed an overbought condition to unwind. A resumption of gains would refocus attention on key short-term resistance and a bull trigger at 1.3266, the Aug 27 high. For bears, a stronger sell-off would instead signal scope for a deeper retracement, towards the 50-day EMA, at 1.2993.

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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: 1.3159 @ 05:57 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 Monday, extending the latest recovery, but has since pulled back. The recent move down (since Aug 28) is considered corrective and this has allowed an overbought condition to unwind. A resumption of gains would refocus attention on key short-term resistance and a bull trigger at 1.3266, the Aug 27 high. For bears, a stronger sell-off would instead signal scope for a deeper retracement, towards the 50-day EMA, at 1.2993.