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Fades Off Bull Trigger

GBPUSD TECHS
  • RES 4: 1.2693 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2507/2546 Intraday high / High Apr 14 and the bull trigger
  • PRICE: 1.2407 @ 16:24 BST Apr 25
  • SUP 1: 1.2353/45 Low Apr 17 / 10
  • SUP 2: 1.2286 50-day EMA
  • SUP 3: 1.2191 Low Mar 24
  • SUP 4: 1.2161 Low Mar 20

GBPUSD faded off the weekly high throughout Tuesday trade, showing just below the Monday low of 1.2411. Despite the intraday pullback, the trend direction remains up and price is trading above support at 1.2397, the 20-day EMA. This average has been pierced, a clear break of it would signal scope for a deeper correction. On the upside, sights are on 1.2546, the Apr 14 high and bull trigger, where a break would resume the uptrend and open 1.2599, the Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, Apr 10 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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