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Trend Structure Remains Bullish

GBPUSD TECHS
  • RES 4: 1.2996 High Jul 27
  • RES 3: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
  • RES 2: 1.2819 High Aug 10
  • RES 1: 1.2800 High Aug 22
  • PRICE: 1.2721 @ 06:03 GMT Dec 20
  • SUP 1: 1.2600 20-day EMA
  • SUP 2: 1.2500 Low Dec 13 and key support
  • SUP 3: 1.2449 Low Nov 22
  • SUP 4: 1.2374 Low Nov 17

A bullish theme in GBPUSD remains intact and recent gains reinforce this theme. Moving average studies are in a bull-mode set-up too, highlighting a rising trend. Key resistance and the bull trigger at 1.2733, the Nov 29 high, has been cleared, confirming a resumption of the uptrend. Sights are on 1.2800 next. Initial firm support to watch is 1.2600, the 20-day EMA. The pullback from last Friday’s high is considered corrective.

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