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Trend Outlook Still Bullish

GBPUSD TECHS
  • RES 4: 1.3835 High Oct 20 and a key resistance
  • RES 3: 1.3792 2.0% 10-dma envelope
  • RES 2: 1.3676 61.8% retracement of the Oct - Dec sell-off
  • RES 1: 1.3607 High Nov 9
  • PRICE: 1.3596 @ 06:15 GMT Jan 11
  • SUP 1: 1.3490 Low Jan 6
  • SUP 2: 1.3457 20-day EMA
  • SUP 3: 1.3343 Low Dec 23
  • SUP 4: 1.3240 Low Dec 22

GBPUSD remains in an uptrend and further gains are likely near term. A bullish theme follows recent gains and a move above the 100-dma. A clear break of this average would strengthen the bullish outlook and maintain the current positive momentum structure. Scope is seen for a climb to 1.3676 next, a Fibonacci retracement. Support to watch is at 1.3457, the 20-day EMA. A move below this average is required to threaten the trend.

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