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GBPUSD TECHS: Gains Stall At The 61.8% Fibonacci Retracement

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: 1.2545 High Jun 2
  • PRICE: 1.2432 @ 06:07 BST Jun 5
  • 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

GBPUSD faded into the Friday close and a key short-term resistance has been defined at that day's high of 1.2545. Note too that, despite a brief test above it, the 61.8% retracement of the May 10 - 25 downleg at 1.2538 remains intact. A continuation lower would be bearish and attention would shift to 1.2308, the May 25 low and key support. Clearance of Friday’s high is required to reinstate the recent bull cycle.

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