Free Trial

Trend Needle Points North

GBPUSD TECHS
  • RES 4: 1.3045 High Jul 19
  • RES 3: 1.2996 High Jul 27
  • RES 2: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 1: 1.2827 High Dec 28 and the bull trigger
  • PRICE: 1.2704 @ 15:57 GMT Jan 09
  • SUP 1: 1.2611/2587 Low Jan 03 / 50-day EMA
  • SUP 2: 1.2500 Low Dec 13
  • SUP 3: 1.2449 Low Nov 22
  • SUP 4: 1.2374 Low Nov 17

The trend outlook in GBPUSD remains bullish and the pair is holding on to its most recent gains. Attention is on resistance at 1.2827, the Dec 28 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 1.2881, a Fibonacci retracement point. Initial firm support lies at 1.2611, Jan 2 low. The 50-day EMA lies just below at 1.2587. A break of this support zone would highlight a short-term top.

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.