Free Trial

Still Below Resistance At 1.3035

  • RES 4: 1.3319/3403 High Sep 4 / High Sep 2
  • RES 3: 1.3173 High Sep 8
  • RES 2: 1.3035 High Sep 10 and the 50-day EMA
  • RES 1: 1.3007 High Sep 16
  • PRICE: 1.2988 @ 10:30 BST Sep 18
  • SUP 1: 1.2865 Low Sep 17
  • SUP 2: 1.2763 Low Sep 11 and the bear trigger
  • SUP 3: 1.2722 61.8% retracement of the Jun 29 - Sep 1 rally
  • SUP 4: 1.2670 High Jul 9

GBPUSD is holding onto gains having recouped lost ground this week. A bearish outlook remains intact. This follows last week's breach of trendline support drawn off the Mar 20 low. The move lower on Sep 10 also resulted in a break of 1.2867, the 50.0% retracement of the Jun 29 - Sep 1 rally opening 1.2722, the 61.8% level. On the upside, firm short-term resistance is at 1.3035, Sep 10 high. A break of this level would signal a possible reversal.

To read the full story



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.