Free Trial

Strength to Strength

GBPUSD TECHS
  • RES 4: 1.2759 2.0% 10-dma envelope
  • RES 3: 1.2746 High Aug 30
  • RES 2: 1.2720 61.8% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2708 High Nov 28
  • PRICE: 1.2704 @ 16:53 GMT Nov 28
  • SUP 1: 1.2506/2419 High Nov 14 / 20-day EMA
  • SUP 2: 1.2370 50-day EMA
  • SUP 3: 1.2266 Low Nov 14
  • SUP 4: 1.2187 Low Nov 10 and key short-term support

The trend direction in GBPUSD remains up and the sharp rally Tuesday reinforces current conditions. The extension maintains the current positive price sequence of higher highs and higher lows and price has breached 1.2589, 50.0% of the Jul 14 - Oct 4 bear leg. This opens 1.2720, the 61.8% retracement level and 1.2759, a vol band resistance. On the downside, initial firm support to watch has been defined at 1.2419, the 20-day EMA.

To read the full story

Close

Why MNI

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.