May 20, 2024 05:14 GMT
Holding On To Its Latest Gains
GBPUSD TECHS
- RES 4: 1.2823 High Mar 14
- RES 3: 1.2803 High Mar 21
- RES 2: 1.2754 76.4% retracement of the Mar 8 - Apr 22 bear leg
- RES 1: 1.2712 High Apr 09
- PRICE: 1.2707 @ 06:14 BST May 20
- SUP 1: 1.2643/1.2577 Low May 16 / 50-day EMA
- SUP 2: 1.2510 Low May 14
- SUP 3: 1.2446 Low May 9 and a key near-term support
- SUP 4: 1.2423 Low Apr 24
GBPUSD is holding on to its latest gains. The breach last week of 1.2634, the May 3 high, confirms a resumption of the current bull cycle and sights are on 1.2754, a Fibonacci retracement. A break of this level would open 1.2803, the Mar 21 high. On the downside, initial firm support lies at 1.2577, the 50-day EMA. Key support is 1.2446, the May 9 low. A break of this level is required to reinstate a bearish threat. For now, bulls remain in the driver’s seat.
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