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Fades Off Highs

GBPUSD TECHS
  • RES 4: 1.2877 High Apr 25 2022
  • RES 3: 1.2818 2.0% 10-dma envelope
  • RES 2: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 1: 1.2680 High May 10
  • PRICE: 1.2515 @ 16:21 BST May 11
  • SUP 1: 1.2502/2515 Low May 11 / 20-day EMA
  • SUP 2: 1.2436 Low May 2
  • SUP 3: 1.2353/45 Low Apr 17 / 10 and a key support
  • SUP 4: 1.2275 Low Apr 3

The trend outlook in GBPUSD remains bullish despite Thursday’s pullback and the pair is holding on to the bulk of its recent gains. Fresh cycle highs this week maintain the bullish trend sequence of higher highs and higher lows and the focus is on 1.2767 next, a Fibonacci retracement. Note too that moving average studies are in a bull mode set-up and this highlights positive market sentiment. Support to watch is at the 20-day EMA, which intersects at 1.2515.

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