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Tops 50-day EMA in Late Rally

GBPUSD TECHS
  • RES 4: 1.1738 High Sep 13 and a key resistance
  • RES 3: 1.1590 High Sep 14
  • RES 2: 1.1499 High Oct 25
  • RES 1: 1.1495 High Oct 5 and the bull trigger
  • PRICE: 1.1479 @ 15:40 BST Oct 25
  • SUP 1: 1.1061/1058 Low Oct 21 / 13
  • SUP 2: 1.0924/22 Low Oct 12 / 50.0% of Sep 26 - Oct 5 bull cycle
  • SUP 3: 1.0787 61.8% retracement of Sep 26 - Oct 5 bull cycle
  • SUP 4: 1.0541/0350 Low Sep 28 / All Time Low

GBPUSD rallied into the close, putting the pair at a new multi-week high of 1.1499 before moderating. Bulls look for a clear break above the 1.1495 bull trigger. A close above here opens gains toward the 1.1590 upside level, which marks the Sep 14 high. The short-term outlook remains bullish and the current cycle highlights scope for a stronger reversal. On the downside, key near-term support is unchanged at 1.0924, the Oct 12 low. A break of this level would instead reinstate a bearish theme.

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

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