Free Trial

Trading Closer To Its Recent Highs

  • 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.

MNI London Bureau | +44 203-865-3809 |

To read the full story


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.