Free Trial

Resistance Begins to Crack

GBPUSD TECHS
  • RES 4: 1.2452 50-day EMA
  • RES 3: 1.2441 200-dma
  • RES 2: 1.2351 High Sep 21
  • RES 1: 1.2337 High Oct 11
  • PRICE: 1.2300 @ 16:20 Oct 11
  • SUP 1: 1.2037 Low Oct 04 and the bear trigger
  • SUP 2: 1.2028 Low Mar 16
  • SUP 3: 1.2011 Low Mar 15 and a key support
  • SUP 4: 1.1964 3.00 proj of the Jul 14 - 24 - 27 price swing

The GBPUSD outlook has begun to improve, with spot showing above the key 20-day EMA at 1.2272 through the Wednesday open. A firm break and close above this level could signal a near-term bottom in the price, opening gains toward the 200-dma above at 1.2441 and levels last seen in mid-September. For now, last week’s fresh cycle lows remain in view, which has reinforced bearish conditions over the medium-term. To return focus lower, 1.2028, the Mar 16 low will be the key downside target. For now, short-term gains are considered corrective.

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.