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Key Resistance Exposed

  • RES 4: 1.4315 High Apr 18, 218
  • RES 3: 1.4237 High Feb 24 and a key resistance
  • RES 2: 1.4233 2.0% 10-dma envelope
  • RES 1: 1.4166 High May 11
  • PRICE: 1.4122 @ 06:08 BST May 12
  • SUP 1: 1.3972 Low May 10
  • SUP 2: 1.3858 Low May 6
  • SUP 3: 1.3801 Low May 3 and a key support
  • SUP 4: 1.3752 Bull channel base drawn off the May 2020 low

GBPUSD is holding onto recent gains and the outlook remains bullish. The pair has cleared a number of resistance levels reinforcing a positive theme with sights set on the key resistance at 1.4237, Feb 24 high. A break of 1.4237 would strengthen a bullish case and importantly confirm a resumption of the broader uptrend that started in March 2020. On the downside, initial support is at Monday's intraday low of 1.3972.

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