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Fresh Short-Term Trend High

GBPUSD TECHS
  • RES 4: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2894 High Mar 8 and a key resistance
  • RES 2: 1.2859 1.236 proj of the Apr 22 - May 3 - 9 price swing
  • RES 1: 1.2817 High June 4
  • PRICE: 1.2783 @ 16:50 BST Jun 4
  • SUP 1: 1.2685/1.2634 20- and 50-day EMA values
  • SUP 2: 1.2510 Low May 14
  • SUP 3: 1.2446 Low May 9 and a key near-term support
  • SUP 4: 1.2423 Low Apr 24

The trend condition in GBPUSD remains bullish. Monday’s rally and print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, reinforcing current trend conditions. The focus is on a climb towards 1.2859, a Fibonacci projection. Initial support to watch is 1.2685, the 20-day EMA.

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