Free Trial

Corrective Cycle Remains In Play

GBPUSD TECHS
  • RES 4: 1.3000 Round number resistance
  • RES 3: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 2: 1.2877 High Apr 25 2022
  • RES 1: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
  • PRICE: 1.2726 @ 05:52 BST Jun 28
  • SUP 1: 1.2680 High May 10
  • SUP 2: 1.2651/2539 20- and 50-day EMA values
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5 and a key support

The primary uptrend in GBPUSD remains intact, however, a corrective cycle remains in play. The recent move lower is allowing an overbought trend condition to unwind. Support to watch lies at 1.2651, the 20-day EMA. The recent break of 1.2680, the May 10 high and a bull trigger, strengthens a bullish condition and opens 1.2849 next, a Fibonacci projection. Clearance of this level would confirm a resumption of the uptrend.

To read the full story

Close

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.