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Key Support Remains Exposed

GBPUSD TECHS
  • RES 4: 1.3959 High Mar 19
  • RES 3: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 2: 1.3919/49 High Apr 6 / Former channel bull channel base
  • RES 1: 1.3840 High Apr 7
  • PRICE: 1.3750 @ 16:37 BST Apr 12
  • SUP 1: 1.3669 Low Apr 12
  • SUP 2: 1.3663 Low Low Feb 5
  • SUP 3: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle
  • SUP 4: 1.3567 Low Feb 4

GBPUSD maintains a softer tone. The pair found resistance last week at 1.3919, on Apr 6. The failure at that high highlights the importance of resistance relating to the former bull channel drawn off the Nov 2, 2020 low - the channel base was cleared Mar 23. The base intersects at 1.3949 and a strong break through this resistance is required to strengthen a bullish argument. Attention is on key support and the bear trigger at 1.3670, Mar 25 low. This level was tested, but not quite broken Monday. A clean break would open 1.3641, a Fibonacci retracement.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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