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Bull Cycle Resumes

GBPUSD TECHS
  • RES 4: 1.2947 5.0% proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2860 Intraday high
  • PRICE: 1.2839 @ 14:42 BST Jun 12
  • SUP 1: 1.2716/2660 20- and 50-day EMA values
  • SUP 2: 1.2584 Low May 15
  • SUP 3: 1.2510 Low May 14
  • SUP 4: 1.2446 Low May 9 and a key near-term support

The GBPUSD trend condition remains bullish and today’s gains reinforce current conditions. The pair has rallied and is trading above last week’s highs, to confirm a resumption of the current short-term uptrend. The break higher paves the way for climb towards the next important resistance at 1.2894, the Mar 8 high. On the downside, key short-term support has been defined at 1.2660, the 50-day EMA.

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