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Remains Below The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.2877 High Apr 25
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2705 50-day EMA
  • RES 1: 1.2667 High May 27 and key short-term resistance
  • PRICE: 1.2522 @ 15:54 BST Jun 3
  • 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 found support Thursday and finished the week off the worst levels. A continuation higher would signal scope for a test of key resistance at the 50-day EMA that intersects at 1.2705. A break of this average is required to strengthen short-term bullish conditions. The broader trend outlook is bearish though and the trigger for a resumption of the downtrend is unchanged at 1.2156, May 13 low. Initial support lies at 1.2438, low May 24.

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  • RES 4: 1.2877 High Apr 25
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2705 50-day EMA
  • RES 1: 1.2667 High May 27 and key short-term resistance
  • PRICE: 1.2522 @ 15:54 BST Jun 3
  • 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 found support Thursday and finished the week off the worst levels. A continuation higher would signal scope for a test of key resistance at the 50-day EMA that intersects at 1.2705. A break of this average is required to strengthen short-term bullish conditions. The broader trend outlook is bearish though and the trigger for a resumption of the downtrend is unchanged at 1.2156, May 13 low. Initial support lies at 1.2438, low May 24.