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Uptrend Remains Intact

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
  • PRICE: 1.2688 @ 08:41 GMT Jan 04
  • SUP 1: 1.2611/12 Low Jan 03 / Dec 21 and a key short-term support
  • SUP 2: 1.2578 1.0% 10-dma envelope
  • SUP 3: 1.2575 50-day EMA
  • SUP 4: 1.2500 Low Dec 13

The trend outlook in GBPUSD remains bullish and short-term weakness is considered corrective. The pair breached resistance at 1.2794, the Dec 14 high and traded through 1.2800. This confirms a resumption of the uptrend and paves the way for a climb towards 1.2881, a Fibonacci retracement. Moving average studies are in a bull-mode position, highlighting an uptrend. Initial firm support has been defined at 1.2612, the Dec 21 low - a level tested, but not convincingly broken in Tuesday trade.

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