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Remains Soft

GBPUSD TECHS
  • RES 4: 1.3913 High Sep 14, 2021
  • RES 3: 1.3835 High Oct 20 and key resistance
  • RES 2: 1.3730/49 200-dma / High Jan 13
  • RES 1: 1.3566/ 3662 High Jan 24 High Jan 20
  • PRICE: 1.3474 @ 06:14 GMT Jan 25
  • SUP 1: 1.3440 Low Jan 24
  • SUP 2: 1.3409 Low Dec 29
  • SUP 3: 1.3387 61.8% retracement of the Dec 8 - Jan 13 bull phase
  • SUP 4: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase

GBPUSD remains softer following yesterday's bearish session. The pair has traded below both the 20- and 50-day EMAs to reinforce a bearish threat and suggest scope for a deeper pullback. The focus is on 1.3409 and 1.3387, the Dec 29 low and a Fibonacci retracement level. On the upside, initial firm resistance has been defined at 1.3662, the Dec 20 high. A break of this level is required to ease the developing bearish threat.

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