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Consolidation Mode

GBPUSD TECHS
  • RES 4: 1.4418 2.0% 10-dma envelope
  • RES 3: 1.4315 High Apr 18, 2018
  • RES 2: 1.4237 High Feb 24 and the bull trigger
  • RES 1: 1.4234 High May 21
  • PRICE: 1.4115 @ 06:08 BST May 27
  • SUP 1: 1.4091 Intraday low
  • SUP 2: 1.4006/3972 Low May 13 / Low May 10
  • SUP 3: 1.3962 50-day EMA
  • SUP 4: 1.3858 Low May 6

GBPUSD, while slightly weaker, remains in consolidation mode. The outlook is unchanged and is bullish. Sights are on 1.4237, Feb 24 high and the key bull trigger. A break would reinforce a bullish case and importantly confirm a resumption of the broader uptrend that started March 2020. On the downside, initial firm support is unchanged at 1.4006, May 13 low where a break would suggest scope for a deeper corrective pullback.

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