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Primary Trend Remains Down

GBPUSD TECHS
  • RES 4: 1.2596 50-day EMA
  • RES 3: 1.2599 High Jun 7
  • RES 2: 1.2410 20-day EMA
  • RES 1: 1.2347 High Jun 16
  • PRICE: 1.2330 @ 17:02 BST Jun 16
  • SUP 1: 1.1934 Low Jun 14 and High Mar 20 2020
  • SUP 2: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 3: 1.1777 Low Mar 26 2020
  • SUP 4: 1.1640 Low Mar 25 2020

GBPUSD rebuffed the bearish backdrop to rally sharply into the close, with weaker resistance giving way on the recovery to 1.2347. Nonetheless, the more medium-term trend remains bearish after the move lower resulted in a breach of the bear trigger at 1.2156, May 13 low. The break confirms a resumption of the primary downtrend and has also resulted in a move below the 1.2000 handle. Scope is seen for a retest 1.1934, Mar 20 2020 high and Tuesday’s low. Firm resistance is seen at 1.2410, the 20-day EMA.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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