Remains Above Last Week’s Low

• 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: 1.2737 High Jan 16
• PRICE: 1.2724 @ 16:10 GMT Jan 22
• 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 lower last week but has managed to recover from 1.2597, the Jan 17 low. The pair has recently pierced key short-term support at 1.2611, the Jan 2 low and traded through the 50-day EMA, at 1.2624. A clear breach of both support points would highlight a short-term top and signal scope for a deeper retracement, opening 1.2500, the Dec 13 low. Key resistance is 1.2827, the Dec 28 high. A break would resume the uptrend.