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Still Trading Below Recent Highs

  • RES 4: 1.3186 Former trendline support drawn off the Mar 20 low
  • RES 3: 1.3174 61.8% retracement of the Sep 1 - 23 sell-off
  • RES 2: 1.3083 High Oct 12
  • RES 1: 1.3030 High Oct 15
  • PRICE: 1.2987 @ 17:41 BST Oct 19
  • SUP 1: 1.2863 Low Oct 14
  • SUP 2: 1.2846 Low Oct 7 and key near-term support
  • SUP 3: 1.2806 Low Sep 30
  • SUP 4: 1.2745 Low Sep 28

GBPUSD traded firmer Monday. Price remains below the Oct 12 high of 1.3083 though. A break of this level is needed to resume the recent uptrend that would open 1.3000 and 1.3186. The latter is the former trendline support drawn off the Mar 20 low. The trendline was breached on Sep 9. A break of 1.3186 is required to strengthen a bullish theme. Firm near-term support lies at 1.2846. A breach would instead signal scope for a deeper pullback.

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