Free Trial

Friday Fade, But Rally Intact for Now

GBPUSD TECHS
  • RES 4: 1.2680 High May 10 and the bull trigger
  • RES 3: 1.2641 High May 11
  • RES 2: 1.2592 76.4% retracement of the May 10 - 25 bear cycle
  • RES 1: 1.2547 High May 16
  • PRICE: 1.2486 @ 16:02 BST Jun 2
  • SUP 1: 1.2401/2308 Low Jun 1 / Low May 25 and the bear trigger
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
  • SUP 4: 1.2213 Low Mar 27

GBP/USD faded into the Friday close, however the current bull cycle remains in play and the pair traded higher Thursday. The week’s recovery has resulted in a move above the 20- and 50-day EMAs. The break signals potential for a continuation higher and the focus shifts to 1.2547, the May 16 high. On the downside, a break of Thursday’s 1.2401 low is required to signal a potential top. This would expose key support and the bear trigger at 1.2308, the May 25 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.