Free Trial

Opens Gap With Nearest Support

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27
  • RES 3: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2827 High Dec 28 and the bull trigger
  • RES 1: 1.2775 High Jan 24
  • PRICE: 1.2744 @ 16:16 GMT Jan 24
  • SUP 1: 1.2597 Low Jan 17 and key short-term support
  • SUP 2: 1.2525 38.2% retracement of the Oct 4 - Dec 28 bull phase
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

GBPUSD traded firmly Thursday, opening a solid gap with 1.2597, Jan 17 low. The pair has recently pierced support at 1.2611, the Jan 2 low and traded below the 50-day EMA, at 1.2630. The latest recovery is a bullish development, however, a clear breach of 1.2630/11 would highlight a S/T top and signal scope for a deeper retracement, opening 1.2500, Dec 13 low. Key resistance is 1.2827, Dec 28 high. A break resumes the uptrend.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.