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Remains Below Last Week’s High

  • RES 4: 1.2216/26 200-dma / 4.0% 10-dma envelope
  • RES 3: 1.2143/94 High Aug 17
  • RES 2: 1.2080 High Aug 18
  • RES 1: 1.2028 High Nov 15 and the bull trigger
  • PRICE: 1.1880 @ 15:43 GMT Nov 22
  • SUP 1: 1.1764/1636 Low Nov 17 / 20-day EMA
  • SUP 2: 1.1544 50-day EMA
  • SUP 3: 1.1334/1150 Low Nov 09 / Nov 04 and a bear trigger
  • SUP 4: 1.1061 Low Oct 21

GBPUSD is consolidating closer to its recent highs. The trend condition remains bullish, however, short-term signals highlight an overbought condition. Last week’s gains resulted in a print above the upper band of the 3.0% 10-dma envelope. Price failed to hold on to this break and pulled back. A deeper retracement would highlight a corrective cycle. 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1544, the 50-day EMA.

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