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Corrective Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2573 50-day EMA
  • RES 2: 1.2518 High Jun 10
  • RES 1: 1.2406 High Jun 16
  • PRICE: 1.2251 @ 16:07 BST Jun 20
  • SUP 1: 1.2042 Low Jun 16
  • SUP 2: 1.1934 Low Jun 14 and High Mar 20 2020
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

GBPUSD recovered from last week’s low of 1.1934 (Jun 14). Gains are considered corrective and the primary trend direction remains down. A resumption of weakness would refocus attention on 1.1934 that also marks the short-term bear trigger. A break would confirm a resumption of the downtrend. Initial firm resistance is seen at 1.2406, Jun 16 high and just above the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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