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GBPUSD TECHS: Trend Needle Points South

GBPUSD TECHS
USForeign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.2874 High Nov 12  
  • RES 3: 1.2811 High Dec 6 and key resistance    
  • RES 2: 1.2734 50-day EMA 
  • RES 1: 1.2622 20-day EMA 
  • PRICE: 1.2587 @ 06:30 GMT Dec 30
  • SUP 1: 1.2476 Low Dec 20
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2400 Round number support
  • SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend   

The trend structure in GBPUSD remains bearish and short-term gains are considered corrective. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high.

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  • RES 4: 1.2874 High Nov 12  
  • RES 3: 1.2811 High Dec 6 and key resistance    
  • RES 2: 1.2734 50-day EMA 
  • RES 1: 1.2622 20-day EMA 
  • PRICE: 1.2587 @ 06:30 GMT Dec 30
  • SUP 1: 1.2476 Low Dec 20
  • SUP 2: 1.2446 Low May 9
  • SUP 3. 1.2400 Round number support
  • SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend   

The trend structure in GBPUSD remains bearish and short-term gains are considered corrective. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high.