GBP/USD Techs – Spikes, but descending trend line still intact
Resistance
1.2380 (trend line resistance)
1.25 (zero figure)
1.2559 (4-hr 200-MA)
Support
1.2332 (Oct 19 high)
1.2234 (5-DMA + 10-DMA)
1.2114 (Oct 28 low)
Comments – Despite the spike seen today, the bearish invalidation is still not seen…given the spot is still trading below the descending trend line resistance seen today at 1.2380. Only a daily close above the same would suggest a short-term bottom is in place at 1.2083.
1.2380 (trend line resistance)
1.25 (zero figure)
1.2559 (4-hr 200-MA)
Support
1.2332 (Oct 19 high)
1.2234 (5-DMA + 10-DMA)
1.2114 (Oct 28 low)
Comments – Despite the spike seen today, the bearish invalidation is still not seen…given the spot is still trading below the descending trend line resistance seen today at 1.2380. Only a daily close above the same would suggest a short-term bottom is in place at 1.2083.
