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Peso Loses Some Altitude

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Coronavirus Cases Drop To Two-Month Low

New Multi-Year High

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: 1.3722 @ 16:57 GMT Jan 21
  • SUP 1: 1.3520 Low Jan 18 and key near-term support
  • SUP 2: 1.3505 Low Jan 12
  • SUP 3: 1.3452/53 Low Jan 11 / 50-day EMA
  • SUP 4: 1.3430 Low Dec 28

GBPUSD rallied further Thursday, hitting a new multi-year high at 1.3746. From a trend perspective, the outlook remains bullish. The sequence of higher highs and higher lows has been maintained, confirming the bullish trend. This opens 1.3773, the May 1 2018 high. To the downside, near-term support has been defined at 1.3520, Jan 18. A breach would signal scope for a deeper short-term sell-off and expose a key support at 1.3452, Jan 11 low.