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Support Remains Exposed

GBPUSD TECHS
  • RES 4: 1.3607 High Nov 9
  • RES 3: 1.3514 High Nov 18 and a key resistance
  • RES 2: 1.3422 50-day EMA
  • RES 1: 1.3374 High Dec 16
  • PRICE: 1.3216 @ 06:11 GMT Dec 21
  • SUP 1: 1.3163 Low Dec 08 and the bear trigger
  • SUP 2: 1.3135 Low Dec 11 2020
  • SUP 3: 1.3110 1.0% 10-dma envelope
  • SUP 4: 1.3084 1.50 proj of the Sep 14 - 29 - Oct 20 price swing

GBPUSD failed to hold onto last week’s gains. The reversal lower Friday and the move lower yesterday, highlights a potential resumption of the underlying downtrend and attention is on support at 1.3163, the Dec 8 low and bear trigger. A breach of this level would confirm a resumption of the downtrend and open 1.3135, Dec 11 2020 low. On the upside, price needs to break 1.3374, Dec 16 high to suggest scope for a stronger bounce.

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