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Sharp Break to Fresh YTD Lows

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20
  • RES 3: 1.3698 High Nov 4
  • RES 2: 1.3514/3607 High Nov 18 and a key resistance / High Nov 9
  • RES 1: 1.3447 20-day EMA
  • PRICE: 1.3250 @ 17:03 GMT Nov 30
  • SUP 1: 1.3195 Low Nov 30
  • SUP 2: 1.3188 Low Dec 21 2020
  • SUP 3: 1.3165 38.2% Mar ‘20 - Jun ‘21 Upleg
  • SUP 4: 1.3108 2.0% 10-dma envelope

GBPUSD broke lower on a wave of Powell-induced USD strength Tuesday, breaking to fresh YTD lows of 1.3195. This sees the pair resume the multi-month downtrend after a short spell of consolidation and opens losses toward Dec 21 2020’s 1.3188 and 1.3165, the 38.2% retracement of the Mar ‘20 - Jun ‘21 Upleg. Firm resistance is unchanged at 1.3514, Nov 9 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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