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Bear Trend Extension

GBPUSD TECHS
Foreign Exchange Technical Analysismarkets-real-timeBulletMarketsForeign Exchange
  • RES 4: 1.2877 High Apr 25
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2638 High May 4 and a key resistance
  • RES 1: 1.2406/2599 High May 9 / 20-day EMA
  • PRICE: 1.2210 @ 06:20 BST May 12
  • SUP 1: 1.2200 Round number support
  • SUP 2: 1.2162 Low May 22 2020
  • SUP 3: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend
  • SUP 4: 1.2000 psychological round number

GBPUSD is softer as the pair trades to fresh cycle lows. This marks an extension of the sharp sell-off on May 5, that confirmed a resumption of the downtrend. The move lower maintains the bearish price sequence of lower lows and lower highs and note that moving average studies are in a bear mode condition. The focus is on 1.2162 next, the May 22 2020 low. Initial resistance is seen at 1.2406, high May 9.

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  • RES 4: 1.2877 High Apr 25
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2638 High May 4 and a key resistance
  • RES 1: 1.2406/2599 High May 9 / 20-day EMA
  • PRICE: 1.2210 @ 06:20 BST May 12
  • SUP 1: 1.2200 Round number support
  • SUP 2: 1.2162 Low May 22 2020
  • SUP 3: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend
  • SUP 4: 1.2000 psychological round number

GBPUSD is softer as the pair trades to fresh cycle lows. This marks an extension of the sharp sell-off on May 5, that confirmed a resumption of the downtrend. The move lower maintains the bearish price sequence of lower lows and lower highs and note that moving average studies are in a bear mode condition. The focus is on 1.2162 next, the May 22 2020 low. Initial resistance is seen at 1.2406, high May 9.