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Corrective Bounce

  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2586 50-day EMA
  • RES 2: 1.2518 High Jun 10
  • RES 1: 1.2405/06 20-day EMA / High Jun 16
  • PRICE: 1.2309 @ 06:18 BST Jun 17
  • SUP 1: 1.2042 Low Jun 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 rallied sharply higher yesterday and remains above this week’s lows. Gains are considered corrective and the primary trend direction remains down. A resumption of weakness would refocus attention on Tuesday’s low of 1.1934 that also marks the short-term bear trigger. A break would confirm a resumption of the downtrend. Initial firm resistance is seen at 1.2405, the 20-day EMA. Yesterday’s high was 1.2406.

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