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Fresh Trend Low

GBPUSD TECHS
  • RES 4: 1.2865 High Mar 11
  • RES 3: 1.2803 High Mar 21
  • RES 2: 1.2709 High Apr 09
  • RES 1: 1.2561/1.2617 20-and 50-day EMA values
  • PRICE: 1.2420 @ 06:13 BST Apr 19
  • SUP 1: 1.2389 Intraday low
  • SUP 2: 1.2364 61.8% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 3: 1.2266 Low Nov 14 ‘23
  • SUP 4: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg

The trend condition in GBPUSD remains bearish and the pair has traded to a fresh cycle low today. The recent breach of 1.2519, the Feb 5 low, strengthens a downtrend and highlights a stronger reversal. Moving average studies are in a bear-mode set-up, reinforcing a bearish theme. Scope is seen for an extension towards 1.2364, a Fibonacci retracement. On the upside, initial firm resistance is seen at 1.2561, the 20-day EMA.

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