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Clears Key Resistance

GBPUSD TECHS
  • RES 4: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 3: 1.2877 High Apr 25 2022
  • RES 2: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 1: 1.2800 Round number resistance
  • PRICE: 1.2782 @ 19:58 BST Jun 15
  • SUP 1: 1.2630 Low Jun 15
  • SUP 2: 1.2499/43 20- and 50-day EMA values
  • SUP 3: 1.2369 Low Jun 5 and a key support
  • SUP 4: 1.2308 Low May 25 and the bear trigger

GBPUSD traded sharply higher Thursday. The rally has confirmed a clear break of the 1.2680 former resistance, the May 10. The breach strengthens bullish conditions - 1.2680 was a key medium-term resistance. This opens the 1.2800 handle and 1.2849, a Fibonacci projection. Moving average studies remain in a bull-mode condition reflecting current conditions. Initial support is at Thursday’s 1.2630 low.

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