Free Trial

Trend Needle Points North

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
  • PRICE: 1.2400 @ 05:57 GMT Jan 26
  • SUP 1: 1.2264 Low Jan 24
  • SUP 2: 1.2243/2083 20-day EMA / Low Jan 9
  • SUP 3: 1.2094 50-day EMA
  • SUP 4: 1.1842 Low Jan 6 and the bear trigger

GBPUSD remains below its recent highs. Short-term weakness is considered corrective and a broader bullish structure remains intact. Moving average studies continue to highlight an uptrend. Price has recently pierced resistance at 1.2446, Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend that started late September 2022 and open 1.2506, a Fibonacci projection. Initial firm support is 1.2243, the 20-day EMA.

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.