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Support Remains Intact For Now

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27
  • RES 3: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2827 High Dec 28 and the bull trigger
  • RES 1: 1.2737 High Jan 16
  • PRICE: 1.2666 @ 15:54 GMT Jan 23
  • SUP 1: 1.2597 Low Jan 17 and key short-term support
  • SUP 2: 1.2525 38.2% retracement of the Oct 4 - Dec 28 bull phase
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

GBPUSD remains above 1.2597, the Jan 17 low. The pair has pierced a key short-term support at 1.2611, the Jan 2 low and traded below the 50-day EMA, at 1.2628. The latest recovery is a bullish development, however, a clear breach of 1.2628/11 support would highlight a S/T top and signal scope for a deeper retracement, opening 1.2500, the Dec 13 low. Key resistance is 1.2827, the Dec 28 high. A break would resume the uptrend.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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