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Watching Support

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: 1.2827 High Dec 28 and the bull trigger
  • RES 1: 1.2737 High Jan 16
  • PRICE: 1.2698 @ 06:10 GMT Jan 19
  • SUP 1: 1.2597 Low Jan 17
  • SUP 2: 1.2525 38.2% retracement of the Oct 4 - Dec 28 bull phase
  • SUP 3: 1.2500 Low Dec 13
  • SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase

GBPUSD traded lower Wednesday but has managed to recover from the weekly lows. The pair has this week pierced key short-term support at 1.2611, the Jan 2 low and traded through the 50-day EMA, at 1.2621. A clear break of both support points would highlight a short-term top and signal scope for a deeper retracement, opening 1.2500, the Dec 13 low. Key resistance and the bull trigger is at 1.2827, the Dec 28 high

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