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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: 1.2747 High Jan 23
  • PRICE: 1.2703 @ 05:56 GMT Jan 24
  • SUP 1: 1.2597 Low Jan 17 and key short-term support
  • 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 is unchanged and continues to trade above 1.2597, Jan 17 low. The pair has recently pierced support at 1.2611, the Jan 2 low and traded below the 50-day EMA, at 1.2630. The latest recovery is a bullish development, however, a clear breach of 1.2630/11 would highlight a S/T top and signal scope for a deeper retracement, opening 1.2500, Dec 13 low. Key resistance is 1.2827, Dec 28 high. A break resumes the uptrend.

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