GBPUSD TECHS: Bullish Short-Term Outlook
- RES 4: 1.2667 High Dec 19
- RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing
- RES 2: 1.2576 High Jan 7
- RES 1: 1.2514/23 50-day EMA / High Jan 27
- PRICE: 1.2465 @ 16:19 GMT Jan 30
- SUP 1: 1.2398/2294 20-day EMA / Low Jan 23
- SUP 2: 1.2229 Low Jan 21
- SUP 3: 1.2100 Low Jan 10 and the bear trigger
- SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
A bull cycle in GBPUSD remains in play and the pair is trading just below its recent highs. The 20-day EMA has been cleared and sights are on the 50-day EMA, at 1.2514 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged and remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10. Clearance of this level resumes a downtrend.
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