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Remains Vulnerable

  • RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 3: 1.2401/2448 High Feb 2 / High Jan 23 and the bull trigger
  • RES 2: 1.2265 High Feb 3
  • RES 1: 1.2134 50-day EMA
  • PRICE: 1.2074 @ 16:44 GMT Feb 8
  • SUP 1: 1.1951 200-dma
  • SUP 2: 1.1891 3.0% 10-dma envelope
  • SUP 3: 1.1842 Low Jan 6 and a reversal trigger
  • SUP 4: 1.1800 Round number support

GBPUSD Tuesday traded through 1.2000. The move lower reinforces the current short-term bearish theme and signals scope for a continuation. Sights are on the 200-dma next at 1.1952. A move through this level would expose key support at 1.1842, the Jan 6 low. A breach of the latter would highlight a potential trend reversal and a possible double top. Firm resistance is 1.2265, Friday’s high. Key resistance is 1.2448, Jan 23 high.

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