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Recovery Extends

  • RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 3: 1.2446 High Dec 14 and the bull trigger
  • RES 2: 1.2303 76.4% retracement of the Dec 14 - Jan 6 bear leg
  • RES 1: 1.2289 Intraday high
  • PRICE: 1.2262 @ 05:58 GMT Jan 16
  • SUP 1: 1.2083 Low Jan 9
  • SUP 2: 1.1999/78 50-day EMA / 1.0% 10-dma envelope
  • SUP 3: 1.1842 Low Jan 6 and the bear trigger
  • SUP 4: 1.1779 Low Nov 21

GBPUSD has started the week on a firmer note and the pair has traded higher today. This reinforces current bullish conditions. Price has breached resistance at 1.2242, the Dec 19 high and a continuation higher would pave the way for a climb towards 1.2303, a Fibonacci retracement. Further out, this would expose 1.2446, the Dec 14 high and a key resistance. Initial support is seen at 1.2083, the Jan 9 low. Key support lies at 1.1842, the Jan 6 low.

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