SCHATZ TECHS: (H5) Monitoring Support

• RES 4: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing 
• RES 3: 1.2576 High Jan 7     
• RES 2: 1.2520 50-day EMA 
• RES 1: 1.2502 High Jan 24 
• PRICE: 1.2458 @ 06:37 GMT Jan 27
• SUP 1: 1.2294 Low Jan 23  
• SUP 2: 1.2229/2100 Low Jan 21 / 10 and the bear trigger
• SUP 3: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
• SUP 4: 1.2037 Low Oct 4 ‘23 and a key support     

Friday’s gains in GBPUSD reinforces current bullish conditions. The pair has traded cleanly through the 20-day EMA, marking an extension of the reversal that started Jan 13. The break higher exposes the 50-day EMA, at 1.2520 and an important resistance. Clearance of the average would highlight a stronger bull cycle. The medium-term trend remains bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 low and bear trigger. 

• RES 4: 117.820 High Jan 3          
• RES 3: 117.659 50-day EMA    
• RES 2: 117.490 Low Dec 30  
• RES 1: 117.163/180 20-day EMA / High Jan 22                            
• PRICE: 116.800 @ 06:11 GMT Jan 27  
• SUP 1: 116.550/280 Low Jan 24 / Low Jan 14 / 15 and bear trigger                
• SUP 2: 116.210 Low Jul 12 2024 (cont) 
• SUP 3: 115.980 Low Jul 11 ‘24 (cont)
• SUP 4: 115.745 1.50 proj of the Oct 1 - 31 - Dec 2 ‘24 price swing     

A short-term corrective phase in Bobl futures remains in play - for now - despite the pullback from recent highs. The Jan 15 rally highlighted a reversal and the start of the correction. An extension higher would allow an oversold trend condition to unwind. Key short-term resistance is seen at 117.163, the 20-day EMA. On the downside, a break of 116.280, Jan 14 / 15 low, would resume the downtrend.