Free Trial

Touches New Weekly High

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20 and key resistance
  • RES 3: 1.3703/49 200-dma / High Jan 13
  • RES 2: 1.3662 High Jan 20
  • RES 1: 1.3644 High Feb 10
  • PRICE: 1.3629 @ 17:26 GMT Feb 17
  • SUP 1: 1.3487 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 slightly higher again Thursday, having recovered from brief slippage on Tuesday. The rate continues to trade inside its recent range and importantly above support at 1.3491, Feb 7 low. The outlook is bullish following recent gains from 1.3358, the Jan 27 low and scope is seen for a test of 1.3662 next, Jan 20 high. On the downside, a move below 1.3491, Feb 7 low would threaten the current bull theme and instead expose key support at 1.3358, Jan 27 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.