GBPUSD TECHS: Approaching Resistance
- RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
- RES 3: 1.2827 High Dec 28 and the bull trigger
- RES 2: 1.2775 High Jan 24
- RES 1: 1.2761 High Mar 06
- PRICE: 1.2733 @ 06:06 GMT Mar 7
- SUP 1: 1.2663/00 20-day EMA / Low Mar 1
- SUP 2: 1.2519 Low Feb 5 and the bear trigger
- SUP 3: 1.2500 Low Dec 13
- SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase
GBPUSD traded higher again Wednesday and is building on recent gains. Resistance at 1.2775, the Jan 24 high, has been exposed. A clear break would signal scope for a climb towards the key resistance and bull trigger at 1.2827, the Dec 28 high. For bears, a reversal lower and a breach of 1.2600, the Mar 1 low, is required to once again highlight a bearish threat. This would open the bear trigger at 1.2519, the Feb 5 low.
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SCHATZ TECHS: (H4) Pierces The Bear Trigger
- RES 4: 106.432 76.4% retracement of the Dec 29 - Jan 25 bear leg
- RES 3: 106.304 61.8% retracement of the Dec 29 - Jan 25 bear leg
- RES 2: 106.270 High Jan 5 and key short-term resistance
- RES 1: 106.015 20-day EMA / High Jan 31 and key resistance
- PRICE: 105.795@ 05:44 GMT Feb 6
- SUP 1: 105.730 Low Nov 30
- SUP 2: 105.660 High Nov 17
- SUP 3: 105.470 Low Nov 28
- SUP 4: 105.265 Low Nov 27
A broader downtrend in Schatz futures remains intact and the strong sell-off from last week’s highs reinforces this condition. Yesterday’s move lower resulted in a print below 105.760, the Jan 25 low and bear trigger. A clear break of this level would confirm a resumption of the bear cycle that started Dec 29. This would open 105.660, the Nov 16 high. Key resistance has been defined at 106.215, the Jan 31 high.
GBPUSD TECHS: Bearish Theme Following A Range Breakout
- RES 4: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
- RES 3: 1.2827 High Dec 28 and the bull trigger
- RES 2: 1.2697/2775 20-day EMA / High Jan 24
- RES 1: 1.2597 Low Jan 17
- PRICE: 1.2553 @ 05:54 GMT Feb 6
- SUP 1: 1.2519 Low Feb 5
- SUP 2: 1.2500 Low Dec 13
- SUP 3: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase
- SUP 4: 1.2374 Low Nov 17
GBPUSD traded sharply lower Friday and extended the pullback through Monday’s session. The sell-off has resulted in a clear break of support at 1.2597, the Jan 17 low and the base of a range that has been in place since mid-January. A clear range breakout strengthens a bearish condition and opens 1.2500, the Dec 13 low. Initial firm resistance is at 1.2682, the 20-day EMA. Key resistance is unchanged at 1.2827, the Dec 28 high.
BOBL TECHS: (H4) Approaching Key Support
- RES 4: 119.228 76.4% retracement of the Dec 27 - Jan 25 bear leg
- RES 3: 119.000 Round number resistance
- RES 2: 118.856 61.8% retracement of the Dec 27 - Jan 25 bear leg
- RES 1: 118.660 High Jan 31 and key short-term resistance
- PRICE: 117.590 @ 05:24 GMT Feb 6
- SUP 1: 117.370/280 Low Feb 5 / Low Jan 25 and bear trigger
- SUP 2: 117.060 Low Dec 1
- SUP 3: 117.000 Round number support
- SUP 4: 116.830 Low Nov 29
A bearish cycle in Bobl futures remains intact and the strong pullback from last week’s high reinforces this theme. The continuation lower has exposed key support at 117.280, the Jan 25 low. Clearance of this level would confirm a resumption of the bear cycle that started Dec 27. On the upside, key short-term resistance has been defined at 118.660, the Jan 31 high. A break would be a bullish development.
