Free Trial

Support Lies At The 20-Day EMA

GBPUSD TECHS
  • RES 4: 122.93 High Aug 1 and a key resistance
  • RES 3: 1.2276 High Aug 10
  • RES 2: 1.2177 200-dma
  • RES 1: 1.2154 High Nov 24
  • PRICE: 1.1946 @ 20:04 GMT Nov 29
  • SUP 1: 1.1873 Low Nov 23
  • SUP 2: 1.1789 20-day EMA
  • SUP 3: 1.1631 50-day EMA
  • SUP 4: 1.1500 Round number support

Trend conditions in GBPUSD remain bullish. Last week’s gains confirmed an extension of the positive price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position, highlighting current market sentiment. Sights are on 1.2177 next, the 200-dma. Key short-term support to watch is 1.1789, the 20-day EMA. Monday’s pullback is considered corrective, however, a break of 1.1771 would concern bulls.

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.