Free Trial

Tops 50-day EMA

GBPUSD TECHS
  • RES 4: 1.2518 High Jun 6
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2257/2293 High Aug 10 / 01
  • PRICE: 1.2250 @ 15:22 BST Aug 10
  • SUP 1: 1.2004 Low Aug 5
  • SUP 2: 1.1961 Low Jul 25
  • SUP 3: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing

GBPUSD surged on the back of the weaker US CPI release, taking out the first level of resistance at the 1.2192 50-day EMA. This puts prices close to the August highs, and further strength through 1.2293 would be a bullish development. 1.2332, the Jun 27 high, lies just above. Potential is also seen for a climb towards 1.2406, the Jun 16 high and the next key key resistance. Initial support to watch is 1.2004, Aug 5 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.