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GBPUSD TECHS: Trend Needle Points South

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: 1.2777/2911 20- and 50-day EMA values 
  • RES 1: 1.2715 High Nov 20  
  • PRICE: 1.2550 @ 16:46 GMT Nov 25 
  • 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     

A downtrend in GBPUSD remains intact and last week’s move lower confirms a resumption of the trend. This signals scope for a continuation near-term. 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 1.2777 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: 1.2777/2911 20- and 50-day EMA values 
  • RES 1: 1.2715 High Nov 20  
  • PRICE: 1.2550 @ 16:46 GMT Nov 25 
  • 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     

A downtrend in GBPUSD remains intact and last week’s move lower confirms a resumption of the trend. This signals scope for a continuation near-term. 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 1.2777 the 20-day EMA. A short-term bounce would be considered corrective and allow an oversold condition to unwind.