Free Trial

Pullback Considered Corrective

GBPUSD TECHS
  • RES 4: 1.2667 High May 27
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2345/2406 High Dec 5 / High Jun 16
  • PRICE: 1.2228 @ 15:45 GMT Dec 8
  • SUP 1: 1.2054 Low Dec 1
  • SUP 2: 1.1977 20-day EMA
  • SUP 3: 1.1901 Low Nov 30 and a key short-term support
  • SUP 4: 1.1759 50-day EMA

Trend conditions in GBPUSD remain bullish and the latest pullback appears to be a correction. Last week’s trend highs reinforced the uptrend. The pair has also cleared the 200-dma and maintains a bullish price sequence of higher highs and higher lows. Note that moving averages studies remain in a bull-mode position. A resumption of gains would open 1.2406, the Jun 16 high. Key short-term support is seen at 1.1901, the Nov 30 low.

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.