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Finds Support At 1.2431

GBPUSD TECHS
  • RES 4: 1.2772 High Apr 26
  • RES 3: 1.2686 50-day EMA
  • RES 2: 1.2667 High May 27 and key short-term resistance
  • RES 1: 1.2590 High Jun 3
  • PRICE: 1.2566 @ 15:47 BST Jun 8
  • SUP 1: 1.2431 Low Jun 7
  • 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 at 1.2431 Tuesday and this level marks a key short-term support. Attention is still on a key resistance at the 50-day EMA that intersects at 1.2686. A clear break of this average is required to strengthen short-term bullish conditions. The primary trend direction is down though and the trigger for a resumption of this trend is 1.2156, May 13 low. A deeper pullback would initially expose 1.2317, the May 17 low.

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