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Trend Is Up But Nearing Overbought Territory

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: 1.2013 4.0% 10-dma envelope
  • PRICE: 1.1876 @ 06:08 GMT Nov 16
  • SUP 1: 1.1647 Low Nov 11
  • SUP 2: 1.1487 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 to new multi-month highs at 1.2028 on Tuesday. The trend still points higher, but technical signals point to a moderation of gains going forward. Prices yesterday pierced the 3.0% 10-dma envelope which was followed by a pull lower in spot - an indication that the trend condition is nearing overbought territory. A move lower, if seen, would likely be a correction. Yesterday’s high of 1.2028 is the trigger for a resumption of gains.

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  • 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: 1.2013 4.0% 10-dma envelope
  • PRICE: 1.1876 @ 06:08 GMT Nov 16
  • SUP 1: 1.1647 Low Nov 11
  • SUP 2: 1.1487 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 to new multi-month highs at 1.2028 on Tuesday. The trend still points higher, but technical signals point to a moderation of gains going forward. Prices yesterday pierced the 3.0% 10-dma envelope which was followed by a pull lower in spot - an indication that the trend condition is nearing overbought territory. A move lower, if seen, would likely be a correction. Yesterday’s high of 1.2028 is the trigger for a resumption of gains.