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Trading At Its Recent Highs

GBPUSD TECHS
  • RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 3: 1.2446 High Dec 14 and the bull trigger
  • RES 2: 1.2242/2303 High Dec 19 / 76.4% of Dec 14 - Jan 6 bear leg
  • RES 1: 1.2210 High Jan 9
  • PRICE: 1.2140 @ 16:45 GMT Jan 11
  • SUP 1: 1.2079 20-day EMA
  • SUP 2: 1.1974/36 50-day EMA / 1.0% 10-dma envelope
  • SUP 3: 1.1842 Low Jan 6 and the bear trigger
  • SUP 4: 1.1779 Low Nov 21

GBPUSD is trading just below recent highs and maintains a bullish short-term tone. The recovery from last Friday’s low of 1.1842 highlighted an early reversal and Monday’s follow through reinforces the signal that suggests the end of the recent bear cycle between Dec 14 - Jan 6. Note too that moving average studies are in a bull-mode position. Sights are on 1.2242 next, the Dec 19 high. Key support is at 1.1842, the Jan 6 low.

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