TipTVFinance

GBP/USD Techs – Spikes, but descending trend line still intact

OANDA:GBPUSD   Pound Sterling/U.S. Dollar
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.
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