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Trend Direction Remains Up

GBPUSD TECHS
  • RES 4: 1.2599 High Jun 7
  • RES 3: 1.2558 High Jub 9, 2022
  • RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
  • RES 1: 1.2448 High Jan 23 and the bull trigger
  • PRICE: 1.2318 @ 16:34 GMT Jan 31
  • SUP 1: 1.2278/64 20-day EMA / Low Jan 24
  • SUP 2: 1.2126 50-day EMA
  • SUP 3: 1.2000 Round number support
  • SUP 4: 1.1842 Low Jan 6 and the bear trigger

GBPUSD is in consolidation mode. Pullbacks are considered corrective and the 4-month uptrend remains intact. Moving average studies are in a bull-mode position reflecting positive market sentiment and the pair has recently pierced resistance at 1.2446, the Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend and open 1.2506, a Fibonacci projection. Initial firm support to watch is 1.2278, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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