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S/T Conditions Remain Bearish Despite A Bounce

GBPUSD TECHS
  • RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 3: 1.2827 High Dec 28 and the bull trigger
  • RES 2: 1.2669/2775 20-day EMA / High Jan 24
  • RES 1: 1.2642 50-day EMA
  • PRICE: 1.2630 @ 05:46 GMT Feb 8
  • SUP 1: 1.2519 Low Feb 5
  • SUP 2: 1.2500 Low Dec 13
  • SUP 3: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase
  • SUP 4: 1.2374 Low Nov 17

Short-term gains in GBPUSD are considered corrective and a bearish condition remains intact. The recent sell-off resulted in a clear break of support at 1.2597, the Jan 17 low and the base of a recent range. The clear range breakout strengthens a bearish condition and opens 1.2500, the Dec 13 low. Initial firm resistance is at 1.2669, the 20-day EMA. Key resistance is unchanged at 1.2827, the Dec 28 high.

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