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Support Remains Intact

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20
  • RES 3: 1.3684/49 200-dma / High Jan 13 and a key resistance
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3643/44 High Feb 18 / 10
  • PRICE: 1.3595 @ 06:18 GMT Feb 23
  • SUP 1: 1.3539/3487 Low Feb 22 / Low Feb 15
  • SUP 2: 1.3435 Low Feb 1
  • SUP 3: 1.3358 Low Jan 27 and the bear trigger
  • SUP 4: 1.3301 76.4% retracement of the Dec 8 - Jan 13 bull phase

GBPUSD traded in a somewhat volatile manner yesterday. The outlook is unchanged and remains bullish - price remains above support at 1.3487 and moving average studies point north. The focus is on 1.3662 next, Jan 20 high where a break would improve the bullish theme and expose 1.3749, the Jan 13 high and key resistance. On the downside, a breach of 1.3487 would instead threaten the current bull theme and open 1.3358, Jan 27 low.

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