Free Trial

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: 1.1851 @ 15:26 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.

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.