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Heading South

GBPUSD TECHS
  • RES 4: 1.2865 High Mar 11
  • RES 3: 1.2803 High Mar 21
  • RES 2: 1.2603/2709 20-day EMA / High Apr 09
  • RES 1: 1.2540 Low Apr 2 / 1
  • PRICE: 1.2433 @ 05:53 BST Apr 16
  • SUP 1: 1.2421 Low Apr 12
  • 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

A bearish theme in GBPUSD remains intact. Support at 1.2519, the Feb 5 low and a bear trigger, has been breached. The clear break strengthens a bearish theme and highlights a stronger reversal signal. Moving average studies are in a bear-mode set-up and this highlights a downtrend. Scope is seen for an extension towards 1.2364, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 1.2709, the Apr 10 high.

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