Free Trial

Extends Recent Gains

GBPUSD TECHS
  • RES 4: 1.2754 76.4% retracement of the Mar 8 - Apr 22 bear leg
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2667 61.8% retracement of the Mar 8 - Apr 22 bear leg
  • RES 1: 1.2634 High May 03 and the bull trigger
  • PRICE: 1.2592 @ 05:41 BST May 15
  • SUP 1: 1.2510/2446 Low May 14 / 9 and key near-term support
  • SUP 2: 1.2423/2300 Low Apr 24 / 22 and the bear trigger
  • SUP 3: 1.2266 Low Nov 14 ‘23
  • SUP 4: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg

GBPUSD traded well into the Tuesday close and the pair is holding on to its latest highs. Attention is on resistance at 1.2634, the May 3 high. A clear breach of this hurdle would reinstate the recent upleg and open 1.2667, a Fibonacci retracement. On the downside, support to watch is 1.2446, the May 9 low. Clearance of this level would reinstate a bearish threat and signal scope for an extension towards the bear trigger at 1.2300, the Apr 22 low.

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.