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GBPUSD TECHS: Trend Structure Remains Bullish

GBPUSD TECHS
USForeign Exchange Technical AnalysisGlobalCEEMEABulletUKMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3629 2.236 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3527 2.00 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3500 Round number resistance
  • RES 1: 1.3434 High Sep 26
  • PRICE: 1.3266 @ 16:09 BST Oct 1
  • SUP 1: 1.3264/3250 Low Oct 1 / 20-day EMA
  • SUP 2: 1.3088 50-day EMA 
  • SUP 3: 1.3002 Low Sep 11 
  • SUP 4: 1.2890 Low Aug 19  

GBPUSD is trading lower Tuesday as the correction extends. The recent move higher resulted in a breach of key resistance at 1.3266, the Aug 27 high, confirming a resumption of the medium-term uptrend. Note that moving average studies remain in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards the 1.3500 handle next. Initial firm support is 1.3250, the 20-day EMA.     

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  • RES 4: 1.3629 2.236 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 3: 1.3527 2.00 proj of the Jun 27 - Jul 17 - Aug 8 price swing
  • RES 2: 1.3500 Round number resistance
  • RES 1: 1.3434 High Sep 26
  • PRICE: 1.3266 @ 16:09 BST Oct 1
  • SUP 1: 1.3264/3250 Low Oct 1 / 20-day EMA
  • SUP 2: 1.3088 50-day EMA 
  • SUP 3: 1.3002 Low Sep 11 
  • SUP 4: 1.2890 Low Aug 19  

GBPUSD is trading lower Tuesday as the correction extends. The recent move higher resulted in a breach of key resistance at 1.3266, the Aug 27 high, confirming a resumption of the medium-term uptrend. Note that moving average studies remain in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards the 1.3500 handle next. Initial firm support is 1.3250, the 20-day EMA.