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Bear Trigger Tripped

GBPUSD TECHS
  • RES 4: 1.2894 High Mar 8 and a key resistance
  • RES 3: 1.2865 High Mar 11
  • RES 2: 1.2803 High Mar 21
  • RES 1: 1.2646/2709 20-day EMA / High Apr 09
  • PRICE: 1.2516 @ 16:27 BST Apr 11
  • SUP 1: 1.2513 Low Apr 11
  • SUP 2: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 3: 1.2446 Low Nov 20 ‘23
  • SUP 4: 1.2364 61.8% retracement of the Oct 4 - Mar 8 bull leg

GBPUSD weakness accelerated Thursday on the break of support at 1.2519, marking the bear trigger and early February lows - to expose 1.2465, the 50.0% retracement of the Oct 4 - Mar 8 bull leg as the next downside level.The break of 1.2519 today highlights an important bearish development and a stronger reversal. On the upside, initial firm resistance has been defined at 1.2709, the Apr 10 high. A break of this level would reinstate a bullish theme.

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