Free Trial

Bear Trend Extension

GBPUSD TECHS
  • 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: 1.2191 @ 17:06 BST May 12
  • SUP 1: 1.2162 Low May 22 2020
  • SUP 2: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend
  • SUP 3: 1.2000 psychological round number
  • SUP 4: 1.1903 1.00 proj of the Apr 14 - 28 - May 4 price swing

GBPUSD traded softer Thursday, prompting 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.