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Holding Above The 20-Day EMA

GBPUSD TECHS
  • RES 4: 1.3607 High Nov 9
  • RES 3: 1.3514 High Nov 18 and a key resistance
  • RES 2: 1.3439 50-day EMA
  • RES 1: 1.3374 High Dec 16
  • PRICE: 1.3336 @ 05:59 GMT Dec 16
  • SUP 1: 1.3242 Low Dec 16
  • SUP 2: 1.3163 Low Dec 08
  • SUP 3: 1.3135 Low Dec 11 2020
  • SUP 4: 1.3113 1.0% 10-dma envelope

GBPUSD spiked higher following Thursday's BOE rate decision. Price has traded through the 20-day EMA at 1.3309 today and attention is on resistance at 1.3370, the Nov 30 high that was probed yesterday The break of the 20-day EMA is a key short-term bullish development as it suggests scope for a stronger corrective bounce, potentially towards 1.3439, the 50-day EMA and 1.3514, the Nov 18 high. Initial support is at 1.3242.

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