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Off Lows, But Bias Remains Downward

GBPUSD TECHS
  • RES 4: 1.2877 High APr 25
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2710 50-day EMA
  • RES 1: 1.2667 High May 27 and key short-term resistance
  • PRICE: 1.2567 @ 13:55 BST Jun 2
  • SUP 1: 1.2438 Low May 20
  • SUP 2: 1.2317 Low May 17
  • SUP 3: 1.2277 76.4% retracement of the May 13 - 27 upleg
  • SUP 4: 1.2156 Low May 13 and the bear trigger

GBPUSD maintains this week’s softer theme, although is off the week’s worst levels. Key support and the bear trigger is unchanged at 1.2156, May 13 low. Initial support lies at 1.2438, low May 24. Price last week traded above resistance at 1.2638, May 4 high. This reinforced a bullish set-up and signals scope for an extension towards the 50-day EMA that intersects at 1.2719 - an important resistance point.

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