Free Trial

Rallies Sold Into Thursday Close

  • RES 4: 1.2452 50-day EMA
  • RES 3: 1.2441 200-dma
  • RES 2: 1.2351 High Sep 21
  • RES 1: 1.2337 High Oct 11
  • PRICE: 1.2213 @ 16:24 Oct 12
  • SUP 1: 1.2037 Low Oct 04 and the bear trigger
  • SUP 2: 1.2028 Low Mar 16
  • SUP 3: 1.2011 Low Mar 15 and a key support
  • SUP 4: 1.1964 3.00 proj of the Jul 14 - 24 - 27 price swing

The GBPUSD rally was sold into the Thursday close, largely reversing the post-payrolls market reaction posted across the first half of the week. The pullback puts spot back below the 20-day EMA, as overriding USD strength dominates. The longevity of the pullback will be key for informing the viability of the recent base at the Oct 4 low. A return higher opens gains toward the 200-dma above at 1.2441 and levels last seen in mid-September. For now, last week’s fresh cycle lows remain in view, which has reinforced bearish conditions over the medium-term. To return focus lower, 1.2028, the Mar 16 low will be the key downside target. For now, short-term gains are considered corrective.

MNI London Bureau | +44 203-865-3809 |

To read the full story



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.