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Free AccessCorrective Bounce Extends
- RES 4: 1.2812 50-day EMA
- RES 3: 1.2772 High Apr 26
- RES 2: 1.2638 High May 4 and a key resistance
- RES 1: 1.2512 20-day EMA
- PRICE: 1.2476 @ 20:01 BST May 17
- SUP 1: 1.2317/2156 Low May 17 / Low May 13
- SUP 2: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend
- SUP 3: 1.2000 psychological round number
- SUP 4: 1.1903 1.00 proj of the Apr 14 - 28 - May 4 price swing
GBPUSD traded high Tuesday and cleared resistance at 1.2406, the May 9 high. The rally improves short-term conditions for bulls, and signals scope for a stronger short-term recovery. Attention is on the next resistance at 1.2512, the 20-day EMA, where a break would open 1.2638, the May 4 high and a key resistance. On the downside, key support has been defined at 1.2156, May 13 low. This is also the bear trigger.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.