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Trading Closer To Its Recent Highs

GBPUSD TECHS
  • RES 4: 1.2667 High May 27
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2345/2406 High Dec 5 / High Jun 16
  • PRICE: 1.2254 @ 16:19 GMT Dec 12
  • SUP 1: 1.2107 Low Dec 7
  • SUP 2: 1.2026 20-day EMA
  • SUP 3: 1.1901 Low Nov 30 and a key short-term support
  • SUP 4: 1.1797 50-day EMA

Trend conditions in GBPUSD remain bullish and price is trading closer to its recent highs. The pair has cleared the 200-dma and maintains a bullish sequence of higher highs and higher lows. Note that moving average studies remain in a bull-mode position, highlighting positive market sentiment. A resumption of gains would open 1.2406, the Jun 16 high. Initial firm support to watch lies at 1.2026, the 20-day EMA.

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