Free Trial

GBPUSD TECHS: Strong Recovery

GBPUSD TECHS
  • RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing   
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2860 High Jun 12 and bull trigger 
  • PRICE: 1.2762 @ 16:24 BST Jul 3
  • SUP 1: 1.2613 Low June 27
  • SUP 2: 1.2584 Low May 15 
  • SUP 3: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle
  • SUP 4: 1.2446 Low May 9 and a key near-term support     

GBPUSD traded higher Wednesday, extending the recovery from Tuesday's low. The short-term bounce undermines the recent bearish theme and highlights a potential short-term reversal. Resistance to watch is 1.2740, the Jun 19 high. A break of this hurdle would be a bullish development and open 1.2860, the Jun 12 high and the key resistance. On the downside, key support has been defined at 1.2613, the Jun 27 low. A break would resume the recent bear leg.   

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.