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Corrective Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2538 50-day EMA
  • RES 2: 1.2518 High Jun 10
  • RES 1: 1.2406 High Jun 16
  • PRICE: 1.2243 @ 15:38 BST Jun 23
  • SUP 1: 1.2161/2042 Low Jun 22 and 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 is consolidating and remains above 1.1934, the Jun 14 low and bear trigger. A corrective bull cycle is still in play as the pair holds on to its recent gains. The primary trend direction is down though and a move lower would refocus attention on 1.1934 where a break would confirm a resumption of the downtrend. This would open 1.1795, a Fibonacci projection. Initial firm resistance is seen at 1.2406, Jun 16 high.

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  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2538 50-day EMA
  • RES 2: 1.2518 High Jun 10
  • RES 1: 1.2406 High Jun 16
  • PRICE: 1.2243 @ 15:38 BST Jun 23
  • SUP 1: 1.2161/2042 Low Jun 22 and 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 is consolidating and remains above 1.1934, the Jun 14 low and bear trigger. A corrective bull cycle is still in play as the pair holds on to its recent gains. The primary trend direction is down though and a move lower would refocus attention on 1.1934 where a break would confirm a resumption of the downtrend. This would open 1.1795, a Fibonacci projection. Initial firm resistance is seen at 1.2406, Jun 16 high.