Free Trial

Corrective Pullback

GBPUSD TECHS
  • RES 4: 1.2695 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2546 High Apr 14 and the bull trigger
  • PRICE: 1.2412 @ 06:03 BST Apr 17
  • SUP 1: 1.2362 20-day EMA
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2246 50-day EMA
  • SUP 4: 1.2191 Low Mar 24

GBPUSD remains in an uptrend and the pullback Friday is - for now - considered corrective. Last week’s climb resulted in a break of 1.2525, the Apr 4 high, confirming a resumption of the uptrend and reinforcing the bullish significance of the recent breach of 1.2448, the Jan 23 high and the top of a broad 3.5 months range. The focus is on 1.2599, the Jun 7 2022 high. On the downside, initial key short-term support is 1.2362, the 20-day EMA.

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.