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Corrective Bounce

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2517/1.2591 20-and 50-day EMA values
  • RES 1: 1.2468 High Apr 19
  • PRICE: 1.2453 @ 05:52 BST Apr 24
  • SUP 1: 1.2300 Low Apr 22
  • SUP 2: 1.2266 Low Nov 14 ‘23
  • SUP 3: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2187 Low Nov 10

The trend condition in GBPUSD remains bearish and short-term gains are considered corrective. A recovery is allowing an oversold trend condition to unwind. Moving average studies are in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. Sights are on 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2517, the 20-day EMA.

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  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2517/1.2591 20-and 50-day EMA values
  • RES 1: 1.2468 High Apr 19
  • PRICE: 1.2453 @ 05:52 BST Apr 24
  • SUP 1: 1.2300 Low Apr 22
  • SUP 2: 1.2266 Low Nov 14 ‘23
  • SUP 3: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2187 Low Nov 10

The trend condition in GBPUSD remains bearish and short-term gains are considered corrective. A recovery is allowing an oversold trend condition to unwind. Moving average studies are in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. Sights are on 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2517, the 20-day EMA.