Free Trial

Downtrend Intact

GBPUSD TECHS
  • RES 4: 1.2832 50-day EMA
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2638 High May 4 and a key resistance
  • RES 1: 1.2406/2533 High May 9 / 20-day EMA
  • PRICE: 1.2246 @ 06:15 BST May 16
  • SUP 1: 1.2156 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 remains bearish and short-term gains are considered corrective. Recent fresh cycle lows mark an extension of the sharp sell-off on May 5, that confirmed a resumption of the downtrend. This maintains the bearish price sequence of lower lows and lower highs and note that MA studies are in a bear mode condition. The focus is on 1.2081 next, the 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend. Initial firm resistance is at 1.2406, high May 9.

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.