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Corrective Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 3: 1.2877 High Apr 25 2022
  • RES 2: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 1: 1.2760 High Jun 27
  • PRICE: 1.2615 @ 16:10 BST Jun 29
  • SUP 1: 1.2591 Low Jun 29
  • SUP 2: 1.2543 50-day EMA
  • 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 is still in play. Thursday’s move lower confirms an extension of the current bearish cycle and the pair breached support at 1.2649, the 20-day EMA. The break of this average signals scope for a deeper pullback and exposes the 50-day EMA, at 1.2543. Initial resistance is 1.2760, the Jun 27 high. Key resistance and the bull trigger is at 1. 2849.

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