GBPUSD TECHS: Monitoring Support
* RES 4: 1.3913 High Sep 14 2021 * RES 3: 1.3889 1.00 proj of the Nov 4 - Jan 6 - Jan 19 price swing...
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EURGBP TECHS: Bear Cycle Remains Intact
- RES 4: 0.8865 High Nov 14 and a bull trigger
- RES 3: 0.8840 High Nov 20
- RES 2: 0.8818 High Nov 26
- RES 1: 0.8747/97 50-day EMA / High Dec 17 and a key resistance
- PRICE: 0.8703 @ 06:23 GMT Jan 5
- SUP 1: 0.8689 Intraday low
- SUP 2: 0.8670 Low Oct 21
- SUP 3: 0.8656 Low Oct 8 and a key support
- SUP 4: 0.8633 Low Sep 15
The bear cycle that started Nov 14 in EURGBP remains intact. 0.8706, the 76.4% retracement of the Oct 8 - Nov 14 bull leg, has been pierced. The break of it strengthens the current bear theme and opens 0.8656, the Oct 8 low and a key support. On the upside, initial resistance is at 0.8744, the 50-day EMA. Key short-term resistance has been defined at 0.8797, the Dec 17 high.
LOOK AHEAD: UK Timeline of Key Events (Times GMT)
| Date | Time | Period | Event |
| 05-Jan | 0930 | Nov | BOE Lending to Individuals / M4 |
| 06-Jan | 0001 | Dec | BRC Monthly Shop Price Index |
| 06-Jan | 0930 | Dec | S&P Global Services / Composite PMI (f) |
| 07-Jan | 0930 | Dec | S&P Global/CIPS Construction PMI |
| 12-Jan | 0001 | --- | KPMG-REC Report on Jobs |
| 13-Jan | 0001 | Dec | BRC-KPMG Shop Sales Monitor |
| 14-Jan | 0800 | --- | BOE Taylor Speech at National University of Singapore |
| 14-Jan | 1530 | --- | BOE Ramsden at King's College London on Resolution |
| 15-Jan | 0700 | Nov | GDP / Services / Production / Trade / Construction |
| 15-Jan | 0930 | Q4 | BOE Credit Conditions Survey |
| 20-Jan | 0700 | Nov/Dec | Labour Market Report |
| 21-Jan | 0001 | Dec | Brightmine pay deals for whole economy |
| 21-Jan | 0700 | Dec | Consumer Inflation Report / Producer Prices |
| 21-Jan | 1100 | Jan | CBI Industrial Trends |
| 22-Jan | 0700 | Dec | Public Sector Finances |
| 22-Jan | 1100 | Jan | CBI Distributive Trades |
SCHATZ TECHS: (H6) Gains Considered Corrective
- RES 4: 106.945 High Dec 3 and a key resistance
- RES 3: 106.900 High Dec 5
- RES 2: 106.835 High Dec 8
- RES 1: 106.793/810 20-day EMA / High Dec 30
- PRICE: 106.745 @ 06:03 GMT Jan 5
- SUP 1: 106.690 Low Dec 18
- SUP 2: 106.630 Low Dec 10 and the bear trigger
- SUP 3: 106.621 2.236 proj of the Nov 26 - Dec 2 - 3 minor price swing
- SUP 4: 106.600 2.382 proj of the Nov 26 - Dec 2 - 3 minor price swing
A bear theme in Schatz futures remains intact and short-term gains are considered corrective. On the continuation chart, moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the downtrend would open 106.621 next, a Fibonacci projection. Initial firm resistance is seen at 106.793 (pierced), the 20-day EMA. A stronger corrective bounce would allow a recent oversold trend condition to unwind.
