April 29, 2024 18:25 GMT
Corrective Phase Remains In Play
GBPUSD TECHS
- RES 4: 1.2803 High Mar 21
- RES 3: 1.2709 High Apr 09
- RES 2: 1.2580 50-day EMA values
- RES 1: 1.2570 High Apr 29
- PRICE: 1.2562 @ 19:21 BST Apr 29
- SUP 1: 1.2423/2300 Low Apr 24 / 22 and the bear trigger
- 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, however, a corrective cycle is in play for now. The move higher is allowing an oversold condition to unwind. Moving average studies remain in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. A resumption of weakness would open 1.2266, the Nov 14 2023 low. Resistance to watch is 1.2580, the 50-day EMA.
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