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Consolidating

GBPUSD TECHS
  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2507 50-day EMA
  • RES 2: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 1: 1.2406 High Jun 16
  • PRICE: 1.2272 @ 06:20 BST Jun 28
  • SUP 1: 1.2161/2042 Low Jun 22 and 16
  • SUP 2: 1.1934 Low Jun 14 and High Mar 20 2020
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

GBPUSD is unchanged and remains in a tight range. The pair continues to trade above its key support at 1.1934, the Jun 14 low and bear trigger. Recent gains are likely corrective and the primary trend direction is down. A resumption of weakness would refocus attention on 1.1934. Clearance of this support would confirm a resumption of the downtrend and open 1.1795, a Fibonacci projection. Initial firm resistance to watch is at 1.2406, Jun 16 high.

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  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2507 50-day EMA
  • RES 2: 1.2495 76.4% retracement of the May 27 - Jun 14 downleg
  • RES 1: 1.2406 High Jun 16
  • PRICE: 1.2272 @ 06:20 BST Jun 28
  • SUP 1: 1.2161/2042 Low Jun 22 and 16
  • SUP 2: 1.1934 Low Jun 14 and High Mar 20 2020
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

GBPUSD is unchanged and remains in a tight range. The pair continues to trade above its key support at 1.1934, the Jun 14 low and bear trigger. Recent gains are likely corrective and the primary trend direction is down. A resumption of weakness would refocus attention on 1.1934. Clearance of this support would confirm a resumption of the downtrend and open 1.1795, a Fibonacci projection. Initial firm resistance to watch is at 1.2406, Jun 16 high.