Free Trial

Remains Below Last Week’s High

GBPUSD TECHS
  • 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.

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.