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Bearish Threat Remains Present

GBPUSD TECHS
  • RES 4: 1.3355 High Mar 4
  • RES 3: 1.3298 High Mar 23 and a pivot resistance
  • RES 2: 1.3195 50-day EMA
  • RES 1: 1.3086/3147 20-day EMA / High Apr 14
  • PRICE: 1.3056 @ 15:38 BST Apr 21
  • SUP 1: 1.2974 Low Apr 13 and the bear trigger
  • SUP 2: 1.2954 1.764 proj of the Jan 13 - 27 - Feb 10 price swing
  • SUP 3: 1.2933 Low Nov 5 2020
  • SUP 4: 1.2855 Low Nov 2 2020 and a key support

GBPUSD is off its recent lows but the recovery remains insufficient to reverse the recent weakness. Attention is on the bear trigger at 1.2974, Apr 13 low. The primary trend remains down and a breach of 1.2974 would confirm a resumption of bearish activity and open 1.2933, the Nov 5 2020 low. Key short-term resistance is at 1.3147, the Apr 14 high. The 50-day EMA, at 1.3195, also represents a firm resistance.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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