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Bear Cycle Remains Intact

GBPUSD TECHS
  • RES 4: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 3: 1.2680 High May 10 and the bull trigger
  • RES 2: 1.2547/2641 High May 16 / 11
  • RES 1: 1.2405/55 50- and 20-day EMA values
  • PRICE: 1.2332 @ 16:36 BST May 26
  • SUP 1: 1.2308 Low May 25
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
  • SUP 4: 1.2213 Low Mar 27

GBPUSD bears remain in the driver’s seat and the pair traded lower Thursday. Support at the 50-day EMA has been cleared and price is also through 1.2345, the Apr 10 low. This signals scope for an extension of the bear cycle towards 1.2242 next, a Fibonacci retracement. On the upside, initial firm resistance is at 1.2455, the 20-day EMA. A break above this average would signal a possible reversal.

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