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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: 1.2711 @ 16:20 GMT Jan 11
  • SUP 1: 1.2611/2598 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 is bullish and the pair remains above support. Attention is on resistance at 1.2827, the Dec 28 high and a 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, the Jan 2 low. The 50-day EMA lies just below at 1.2598. Clearance of both support points would highlight a short-term top.

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