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GBPUSD TECHS: Trading Closer To Its Recent Lows

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: 1.2757/2898 20- and 50-day EMA values 
  • RES 1: 1.2613 High Nov 25  
  • PRICE: 1.2552 @ 16:43 GMT Nov 26 
  • 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     

GBPUSD is trading closer to its recent lows. A downtrend remains intact and last week’s move lower confirms a resumption of the trend. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. Sights are on 1.2446, the May 9 low. Initial firm resistance to watch is at 1.2757 the 20-day EMA. A short-term bounce would be considered corrective and allow 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: 1.2757/2898 20- and 50-day EMA values 
  • RES 1: 1.2613 High Nov 25  
  • PRICE: 1.2552 @ 16:43 GMT Nov 26 
  • 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     

GBPUSD is trading closer to its recent lows. A downtrend remains intact and last week’s move lower confirms a resumption of the trend. Note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. Sights are on 1.2446, the May 9 low. Initial firm resistance to watch is at 1.2757 the 20-day EMA. A short-term bounce would be considered corrective and allow an oversold condition to unwind.