Free Trial

Heading South

GBPUSD TECHS
  • RES 4: 1.311250-day EMA
  • RES 3: 1.3090/3147 High Apr 21 / High Apr 14
  • RES 2: 1.2974 Low Apr 13 and a recent breakout level
  • RES 1: 1.2772/2877 High Apr 26 / High Apr 25
  • PRICE: 1.2506 @ 06:21 BST Apr 28
  • SUP 1: 1.2503 Low Apr 27
  • SUP 2: 1.2495 61.8% retracement of the Mar 2020 - Jan 21 bull leg
  • SUP 3: 1.2423 2.236 proj of the Mar 23 - Apr 13 - 14 price swing
  • SUP 4: 1.2375 2.382 proj of the Mar 23 - Apr 13 - 14 price swing

Bearish pressure in GBPUSD continues to dominate. Recent weakness has resulted in an acceleration of the downtrend. The pair has cleared 1.2974, Apr 13 low and 1.2676, last printed in September 2020. The trend remains oversold: the 14d RSI is now below 21 - the lowest point since March 2020 and the initial wave of lockdowns that followed COVID. A reversal pattern is still required to signal a base. The focus is 1.2495, a Fibonacci retracement.

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.