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Probes The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14
  • RES 3: 1.3854 High Sep 15
  • RES 2: 1.3795 76.4% retracement of the Sep 14 -29 downleg
  • RES 1: 1.3734 High Oct 14
  • PRICE: 1.3681 @ 16:16 BST Oct 14
  • SUP 1: 1.3544/3412 Low Oct 6 / Low Sep 29 and the bear trigger
  • SUP 2: 1.3354 Low Dec 23, 2020
  • SUP 3: 1.3320 2.0% 10-dma envelope
  • SUP 4: 1.3277 61.8% retracement of the Sep '20 - Jan bull phase

GBPUSD has traded higher again Thursday and moved above the 50-day EMA at 1.3709. A clear break of this average is required to suggest scope for a stronger short-term rally that would open 1.3795 initially, a Fibonacci retracement. On the downside, a firm short-term support has been defined at 1.3544, Oct 6 low. A break of this level would reinstate a bearish focus and open 1.3412, Sep 29 low.

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

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