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Approaching The 50-Day EMA

  • RES 4: 1.2800 Round number resistance
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2731 50-day EMA
  • RES 1: 1.2667 High May 27
  • PRICE: 1.2633 @ 14:48 BST May 30
  • SUP 1: 1.2472/38 Low May 24 and 20
  • SUP 2: 1.2317/2156 Low May 17 / Low May 13 and the bear trigger
  • SUP 3: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend
  • SUP 4: 1.2000 psychological round number

GBPUSD maintains a firmer tone and the current corrective bull cycle remains in play. The pair has breached resistance at 1.2638, May 4 high. This reinforces the bullish set-up and signals scope for a climb towards the 50-day EMA that intersects at 1.2731. This average also represents the next key resistance. Key support and the bear trigger is unchanged at 1.2156, the May 13 low. Initial firm support lies at 1.2472.

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