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Late Rally Shows Bullish Undertones

GBPUSD TECHS
  • RES 4: 1.3804 High Apr 30, 2018
  • RES 3: 1.3773 High May 1, 2018
  • RES 2: 1.3750 0.764 proj of May 18 - Sep 1 rally from Sep 23 low
  • RES 1: 1.3746 High Jan 21
  • PRICE: 1.3732 @ 17:03 GMT Jan 26
  • SUP 1: 1.3611 20-day EMA
  • SUP 2: 1.3520 Low Jan 18 and key near-term support
  • SUP 3: 1.3505 Low Jan 12
  • SUP 4: 1.3480/52 50-day EMA / Low Jan 11

GBPUSD staged a decent rally into the London close, reinforcing the underlying uptrend. Last week the pair traded to a high of 1.3746, maintaining the bullish price sequence of higher highs and higher lows. Attention is on 1.3773 next, the May 1 2018 high. Near-term firm support has been defined at 1.3520, Jan 18 low. A breach would signal scope for a deeper short-term sell-off and expose a key support at 1.3452, Jan 11 low. Initial support is at 1.3611, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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