Free Trial

Trend Conditions Remain Bearish

GBPUSD TECHS
  • RES 4: 1.3698 High Nov 4
  • RES 3: 1.3607 High Nov 9
  • RES 2: 1.3514 High Nov 18 and a key resistance
  • RES 1: 1.3313/70 20-day EMA / High Nov 30
  • PRICE: 1.3247 @ 06:07 GMT Dec 15
  • SUP 1: 1.3163 Low Dec 08
  • SUP 2: 1.3115 1.0% 10-dma envelope
  • SUP 3: 1.3135 Low Dec 11 2020
  • SUP 4: 1.3057 3.0% Lower Bollinger Band

GBPUSD remains in a downtrend and short-term gains are considered corrective. Last week’s move to a fresh trend low of 1.3163 on Dec 8 confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Attention is on the Dec 11 2020 low of 1.3131 ahead of a vol-band support at 1.3115 today. Resistance to watch is at 1.3313, the 20-day EMA. A break would be bullish.

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.