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Trend Extends, But Nearing Overbought

GBPUSD TECHS
  • RES 4: 1.2249 200-dma
  • RES 3: 1.2069 1.00 proj of the Sep 26 - Oct 5 - 12 price swing
  • RES 2: 1.2028 High Nov 15
  • RES 1: 1.2019 4.0% 10-dma envelope
  • PRICE: 1.1919 @ 15:37 GMT Nov 15
  • SUP 1: 1.1472 50-day EMA
  • SUP 2: 1.1334/1150 Low Nov 09 / Nov 04 and a bear trigger
  • SUP 3: 1.1061 Low Oct 21
  • SUP 4: 1.0924 Low Oct 12 and a key short-term support

The bullish GBPUSD trend extended Tuesday, putting the pair at new multi-month highs at 1.2028. Short- to medium-term trend directions clearly still point higher, but technical signals point to a moderation of gains going forward. Prices pierced the 3.0% 10-dma envelope Tuesday for the second time since early October (which was the first time since 2020), which was followed by a pull lower in spot. More broadly, bulls look to build a base above the 1.20 handle, opening the 1.2069 projection level as well as 1.2249 200-dma.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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