The close above the 21-DMA provided bulls with a boost and sees immediate focus shift to the $1.2506-1.2634 region where the 55-DMA, falling daily trend line and Bollinger band top are located. Bears now need a close below the alternating $1.2401 hourly support/resistance level to reconfirm a bearish bias with immediate focus shifting back to the $1.2345 support and overall focus back to the key $1.2042-1.2241 region where 2012 lows are located.
RES 4: $1.2599 High Nov 19
RES 3: $1.2555 55-DMA
RES 2: $1.2532 High Nov 26
RES 1: $1.2506 High Dec 1
LPRICE: $1.2442
SUP 1: $1.2401 Hourly resistance Dec 10 now support
SUP 2: $1.2345 Alternating hourly support/resistance
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2133 Low Aug 2 2012
The recovery from recent 2014 lows has now seen GBP/USD close above the 21-DMA although the rally has so far remained capped at the $1.5763 resistance with the falling daily trend line just below and Bollinger band top just above. While the 21-DMA supports bulls look for an initial test of the $1.5828 level with a close above needed to target $1.5947-1.6040. Bears look for a close below $1.5647 to confirm a break of the 21-DMA and shift immediate focus to 2014 low
RES 4: $1.5908 55-DMA
RES 3: $1.5825 High Nov 27
RES 2: $1.5773 Bollinger band top
RES 1: $1.5763 High Dec 1
LPRICE: $1.5706
SUP 1: $1.5682 21-DMA
SUP 2: $1.5647 Low Dec 10
SUP 3: $1.5624 Low Dec 9
SUP 4: $1.5541 2014 Low Dec 8
The pullback from fresh 2014 and 7 year lows has bears gaining confidence following Wednesday’s close below the 21-DMA (¥118.35), the first since late Oct when the rally gained momentum. Immediate focus shifts to layers of support ¥116.06-117.23 with bears needing a close below ¥116.06 to confirm a break of the Oct-Dec rising daily channel base. This would see immediate focus shift to ¥115.31 and overall focus back to ¥112.32-113.86. Bulls need a close above ¥120.12 to reconfirm bullish pressure and see initial focus return to retests of recent 2014 and 7 year high
RES 4: ¥121.00 High Dec 9
RES 3: ¥120.12 Hourly resistance Dec 9
RES 2: ¥119.43 Hourly resistance Dec 10
RES 1: ¥118.66 Hourly support Dec 10 now resistance
LPRICE: ¥118.26
SUP 1: ¥117.23 Low Nov 27
SUP 2: ¥116.33 Low Nov 18
SUP 3: ¥116.06 Rising daily channel base off Oct Lows
SUP 4: ¥115.31 Low Nov 13
The pullback from ahead of the ¥150.00 level following fresh 2014 and 6 year highs combined with bearish closes and a close below the 21-DMA remain concerns for bulls with bears now favouring a break lower that initially targets ¥145.58. Below ¥145.58 hints at a deeper correction with bears then targeting the ¥140.39-142.09 region. Bulls now need a close above ¥147.76 to confirm a break back above the 21-DMA with above ¥148.91 needed to shift focus back to the ¥150.00 level.
RES 4: ¥149.80 2014 High Dec 8
RES 3: ¥148.95 Alternating daily support/resistance
RES 2: ¥148.37 Hourly resistance Dec 9
RES 1: ¥147.76 Hourly resistance Dec 10
LPRICE: ¥147.11
SUP 1: ¥146.29 Low Nov 25
SUP 2: ¥145.58 Low Nov 24
SUP 3: ¥144.90 Bollinger band base
SUP 4: ¥144.77 Low Nov 18
EUR/GBP is currently trading above the falling daily channel top which is less than ideal for bears but while the £0.7933-42 region caps bears continue to look for a move back towards £0.7764-0.7832. A close above £0.7942 ends bearish hopes and shifts focus back to the £0.8029-67 region where the 200-DMA is located. Bears now need a close below £0.7908 to reconfirm bearish pressure
RES 4: £0.8004 High Nov 21
RES 3: £0.7977 High Dec 1
RES 2: £0.7942 High Dec 2
RES 1: £0.7933 21-DMA
LPRICE: £0.7918
SUP 1: £0.7908 Hourly support Dec 11
SUP 2: £0.7885 Low Dec 10
SUP 3: £0.7862 Low Dec 9
SUP 4: £0.7832 Low Dec 3