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Short-Term Conditions Remain Bullish

  • RES 4: 1.3835 High Oct 20 and key resistance
  • RES 3: 1.3712/49 200-dma / High Jan 13
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3628 High Feb 02
  • PRICE: 1.3530 @ 15:57 GMT Feb 4
  • SUP 1: 1.3502/3435 50-day EMA / Low Feb 1
  • SUP 2: 1.3358/43 Low Jan 27 / Low Dec 23
  • SUP 3: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase
  • SUP 4: 1.3221 2.0% 10-dma envelope

GBPUSD has pulled back from last week’s high of 1.3628 on Feb 3. The short-term outlook remains bullish. Price has recently cleared resistance at 1.3525, Jan 26 high and last week’s gains suggest scope for a climb towards 1.3662 next, Jan 20 high. On the downside, initial support lies at 1.3502, the 50-day EMA. Key support is unchanged at 1.3358, Jan 27 low. This is the trigger for a resumption of bearish pressure.

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