Free Trial

Bull Cycle Extension

GBPUSD TECHS
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2759 61.8% retracement of the Mar 8 - Apr 1 bear leg
  • RES 2: 1.2717 50.0% retracement of the Mar 8 - Apr 1 bear leg
  • RES 1: 1.2691 High Apr 09
  • PRICE: 1.2672 @ 16:41 BST Apr 09
  • SUP 1: 1.1.2614/2540 Monday’s low / Low Apr 1 / 2
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2446 Low Nov 20 ‘23

GBPUSD traded higher Tuesday. The pair breached minor resistance at 1.2684, the Apr 4 high. Note too that price is again above the 50-day EMA - at 1.2664. A clear break of this average would improve short-term conditions and signal scope for a stronger recovery. This would open 1.2717 next, a Fibonacci retracement. For bears, key support to watch lies at 1.2519, the Feb 5 low. A clear break of this level would strengthen a bearish theme.

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.