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TECHS: Focus Is On Resistance

STERLING

GBPCHF is trading just short of an area of congestion at 1.2035, Aug 3 high.

  • On Aug 14 and 21, the cross traded just ahead of 1.2035 and has done so again today.
  • A break would represent an important technical breach and signal an extension of the uptrend that has been in place since late June.
  • This would open 1.2200 and 1.2260, the latter is the Jun 5 high and a key hurdle for bulls.
  • Note, on the daily Point & Figure chart, a break of 1.2020 (confirmed by a 1.2040 print) would confirm a triple top breakout. This would reinforce bullish conditions.
  • Support lies at 1.1892, Aug 24 low.
  • In EURGBP, watch support at 0.8938, Jul 10 low.
  • Cable key resistance is at 1.3267, Aug 19 high.
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