May 28, 2024 17:30 GMT
Bull Cycle Extends
GBPUSD TECHS
- RES 4: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
- RES 3: 1.2894 High Mar 8 and a key resistance
- RES 2: 1.2859 1.236 proj of the Apr 22 - May 3 - 9 price swing
- RES 1: 1.2803 High Mar 21
- PRICE: 1.2780 @ 16:30 BST May 28
- SUP 1: 1.2641/1.2609 20- and 50-day EMA values
- SUP 2: 1.2510 Low May 14
- SUP 3: 1.2446 Low May 9 and a key near-term support
- SUP 4: 1.2423 Low Apr 24
The GBPUSD trend condition remains bullish and the pair is trading higher this week. An important retracement point at 1.2754 has been cleared, 76.4% of the Mar 8 - Apr 22 bear leg. This reinforces current bullish conditions and paves the way for a climb towards 1.2803 next, the Mar 21 high. Note that moving average studies are in a bull-mode set-up, highlighting an uptrend. Initial firm support to watch is 1.2641, the 20-day EMA.
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