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Sell-on-Rallies Theme Persists

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: 1.2775 High Jan 24
  • RES 1: 1.2675 61.8% of the Feb 2 - 5 sell-off
  • PRICE: 1.2595 @ 16:14 GMT Feb 13
  • SUP 1: 1.2519 Low Feb 5 and the bear trigger
  • 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

GBPUSD reversed early gains to trade lower into the close. The sell-on-rallies theme keeps a bearish condition intact and intraday recoveries appear corrective. Recent weakness resulted in a break of 1.2597, Jan 17 low and the base of a recent range. The range breakout strengthens a bearish condition and opens 1.2500, Dec 13 low. Key resistance is unchanged at 1.2827, the Dec 28 high. Initial resistance is at 1.2675, a Fibonacci retracement.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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