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Impulsive Sell-Off Extends

GBPUSD TECHS
  • RES 4: 1.3135 50-day EMA
  • RES 3: 1.3090/3147 High Apr 21 / High Apr 14
  • RES 2: 1.2974 Low Apr 13 and a recent breakout level
  • RES 1: 1.2772/2877 High Apr 26 / High Apr 25
  • PRICE: 1.2597 @ 06:31 BST Apr 27
  • SUP 1: 1.2560 Intraday low
  • SUP 2: 1.2495 61.8% retracement of the Mar 2020 - Jan 21 bull leg
  • SUP 3: 1.2423 2.236 proj of the Mar 23 - Apr 13 - 14 price swing
  • SUP 4: 1.2375 2.382 proj of the Mar 23 - Apr 13 - 14 price swing

GBPUSD traded lower Tuesday, extending the current downtrend. The pair has cleared 1.2974, Apr 13 low, as well as 1.2676 last printed in September 2020. The trend is in technically oversold territory: the 14d RSI is now at 22 - the lowest point since March 2020 and the initial wave of lockdowns that followed COVID. A reversal pattern is required though to signal a base. The focus is 1.2495, a Fibonacci retracement.

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