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Bull Cycle Still In Play

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: 1.2709 High Apr 09
  • PRICE: 1.2677 @ 06:07 BST Apr 10
  • 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 and breached minor resistance at 1.2684, the Apr 4 high. The pair is trading 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 highlight an important bearish development.

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