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GBPUSD TECHS: Support Remains Exposed

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.2874 High Nov 12  
  • RES 3: 1.2811 High Dec 6 and key resistance    
  • RES 2: 1.2727 50-day EMA 
  • RES 1: 1.2616 20-day EMA 
  • PRICE: 1.2549 @ 06:22 GMT Dec 31
  • SUP 1: 1.2476 Low Dec 20
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2400 Round number support
  • SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend   

The trend structure in GBPUSD remains bearish and the pair is trading just above its recent lows. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high. 

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  • RES 4: 1.2874 High Nov 12  
  • RES 3: 1.2811 High Dec 6 and key resistance    
  • RES 2: 1.2727 50-day EMA 
  • RES 1: 1.2616 20-day EMA 
  • PRICE: 1.2549 @ 06:22 GMT Dec 31
  • SUP 1: 1.2476 Low Dec 20
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2400 Round number support
  • SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend   

The trend structure in GBPUSD remains bearish and the pair is trading just above its recent lows. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high.