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Strong Bounce Off Triangle Base

  • RES 4: 1.3983/90 High Jul 30 / 61.8% of the Jun 1 - Jul 20 sell-off
  • RES 3: 1.3958 High Aug 4
  • RES 2: 1.3913 High Sep 14 and the intraday bull trigger
  • RES 1: 1.3759 20-day EMA
  • PRICE: 1.3706 @ 12:32 BST Sep 23
  • SUP 1: 1.3633/02 Triangle base drawn from Jul 20 low / Low Aug 20
  • SUP 2: 1.3572 Low Jul 20 and the bear trigger
  • SUP 3: 1.3520 Low Jan 18
  • SUP 4: 1.3462 50.0% retracement of the Sep '20 - Jun rally

GBPUSD has rebounded following today's BOE announcement. Today's gains leave a key support at 1.3602 unchallenged, Aug 20 low. Furthermore, it also means triangle support at 1.3633 remains intact despite being probed yesterday and today. The move higher opens resistance at 1.3759, the 20-day EMA. On the downside, a clear break of 1.3633-02 is required to reinstate bearish pressure.

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