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Bearish Trend Sequence

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2542/1.2607 20-and 50-day EMA values
  • RES 1: 1.2468 High Apr 19
  • PRICE: 1.2386 @ 06:06 BST Apr 22
  • SUP 1: 1.2364 61.8% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 2: 1.2266 Low Nov 14 ‘23
  • SUP 3: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2187 Low Low Nov 10

The trend condition in GBPUSD remains bearish and last week’s extension reinforces current conditions. Moving average studies are in a bear-mode set-up and the break lower in price maintains the downward price sequence of lower lows and lower highs, reinforcing a bearish theme. Sights are on 1.2364, a Fibonacci retracement. A break would open 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2542, the 20-day EMA.

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  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2542/1.2607 20-and 50-day EMA values
  • RES 1: 1.2468 High Apr 19
  • PRICE: 1.2386 @ 06:06 BST Apr 22
  • SUP 1: 1.2364 61.8% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 2: 1.2266 Low Nov 14 ‘23
  • SUP 3: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2187 Low Low Nov 10

The trend condition in GBPUSD remains bearish and last week’s extension reinforces current conditions. Moving average studies are in a bear-mode set-up and the break lower in price maintains the downward price sequence of lower lows and lower highs, reinforcing a bearish theme. Sights are on 1.2364, a Fibonacci retracement. A break would open 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2542, the 20-day EMA.