Free Trial

Trend Condition Remains Bullish

GBPUSD TECHS
  • RES 4: 1.2233 200-dma
  • RES 3: 1.2141/43 4.0% 10-dma envelope / High Aug 17
  • RES 2: 1.2080 High Aug 18
  • RES 1: 1.2028 High Nov 15
  • PRICE: 1.1935 @ 15:55 GMT Nov 18
  • SUP 1: 1.1647 Low Nov 11
  • SUP 2: 1.1518 50-day EMA
  • SUP 3: 1.1334/1150 Low Nov 09 / Nov 04 and a bear trigger
  • SUP 4: 1.1061 Low Oct 21

GBPUSD traded lower Thursday but managed to recover from the day low. The trend condition remains bullish but it is worth noting that the short-term condition appears overbought - Tuesday's gains resulted in a print above the upper band of the 3.0% 10-dma envelope, before pulling back. A deeper retracement would be considered corrective. Tuesday’s high of 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1518, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.