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Bearish Despite The Oversold Condition

GBPUSD TECHS
  • RES 4: 1.3090 High Apr 21
  • RES 3: 1.2974 Low Apr 13 and a recent breakout level
  • RES 2: 1.2772/2865 High Apr 26 / 20-day EMA
  • RES 1: 1.2614 High Apr 29
  • PRICE: 1.2546 @ 06:21 BST May 2
  • SUP 1: 1.2412 Low Apr 28 and the bear trigger
  • SUP 2: 1.2375 2.382 proj of the Mar 23 - Apr 13 - 14 price swing
  • SUP 3: 1.2252 Low Jun 29 2020
  • SUP 4: 1.2162 Low May 22 2020

GBPUSD gains are considered corrective and the pair remains soft following last week’s acceleration of the downtrend. Price has cleared 1.2974, Apr 13 low and 1.2676, last printed in September 2020. The trend remains in oversold territory. However a reversal pattern is still required to signal a short-term base and possible reversal. The focus is 1.2423 next, a Fibonacci projection. Friday’s high of 1.2614 marks initial resistance.

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