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Trend Conditions Remain Bullish

GBPUSD TECHS
  • RES 4: 1.3935 High Apr 27, 2018
  • RES 3: 1.3804 High Apr 30, 2018
  • RES 2: 1.3773 High May 1, 2018
  • RES 1: 1.3759 High Jan 27
  • PRICE: 1.3720 @ 16:57 GMT Jan 28
  • SUP 1: 1.3610 Low Jan 26
  • SUP 2: 1.3520 Low Jan 18 and key near-term support
  • SUP 3: 1.3505 Low Jan 12
  • SUP 4: 1.3498/52 50-day EMA / Low Jan 11

GBPUSD traded to a fresh high of 1.3759 Wednesday and despite a pullback from session highs, the uptrend remains intact. This week's gains maintain the bullish price sequence of higher highs and higher lows. Attention is on 1.3773 next, May 1 2018 high. Near-term firm support has been defined at 1.3520, Jan 18 low. A breach would signal scope for a deeper S/T sell-off and expose 1.3452, Jan 11 low. Initial support is at 1.3610, Tuesday's low.

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

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