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Corrective Bounce Extends

GBPUSD TECHS
  • 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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  • 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.