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GBPUSD TECHS: Resistance At The 50-Day EMA Remains Intact

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.2667 High Dec 19
  • RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing   
  • RES 2: 1.2576 High Jan 7 
  • RES 1: 1.2503/23 50-day EMA / High Jan 27 and key resistance
  • PRICE: 1.2479 @ 06:18 GMT Feb 5
  • SUP 1: 1.2249 Low Jan 3   
  • SUP 2: 1.2161 Low Jan 17 / 20
  • SUP 3: 1.2100 Low Jan 10 and the bear trigger 
  • SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

Resistance in GBPUSD remains intact and the recent pullback highlights a potential bearish threat. The move down signals the end of the Jan 13 - 27 correction and note that 1.2503, the 50-day EMA, remains intact. Furthermore, MA studies are in a bear-mode position highlighting a dominant downtrend. A resumption of weakness would open 1.2100, the Jan 13 low and bear trigger. A clear break of the 50-day average would alter the picture.

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  • RES 4: 1.2667 High Dec 19
  • RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing   
  • RES 2: 1.2576 High Jan 7 
  • RES 1: 1.2503/23 50-day EMA / High Jan 27 and key resistance
  • PRICE: 1.2479 @ 06:18 GMT Feb 5
  • SUP 1: 1.2249 Low Jan 3   
  • SUP 2: 1.2161 Low Jan 17 / 20
  • SUP 3: 1.2100 Low Jan 10 and the bear trigger 
  • SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

Resistance in GBPUSD remains intact and the recent pullback highlights a potential bearish threat. The move down signals the end of the Jan 13 - 27 correction and note that 1.2503, the 50-day EMA, remains intact. Furthermore, MA studies are in a bear-mode position highlighting a dominant downtrend. A resumption of weakness would open 1.2100, the Jan 13 low and bear trigger. A clear break of the 50-day average would alter the picture.