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Clears The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.4377 High Apr 17, 2018 and a key resistance
  • RES 3: 1.4315 High Apr 18, 2018
  • RES 2: 1.4203/48 High Jun 3 / High Jun 1 and the bull trigger
  • RES 1: 1.4133 High Jun 16
  • PRICE: 1.3955 @ 15:50 BST Jun 17
  • SUP 1: 1.3935 100-DMA
  • SUP 2: 1.3920 Low Jun 17
  • SUP 3: 1.3887 Low May 7
  • SUP 4: 1.3858 Low May 6

GBPUSD weakness accelerated Wednesday, with prices breaking below key support at the 50-day EMA. The move through the average strengthens a short-term bearish outlook and scope is seen for a deeper corrective pullback. The 100-DMA then gave way Thursday, although prices managed to recover back above ahead of the close. For bulls, a climb above 1.4133, Wednesday's high is required to ease the current bearish pressure. Key trend resistance is at 1.4248, Jun 1 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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