Free Trial

Key Support Still Exposed

GBPUSD TECHS
  • RES 4: 1.3959 Former channel bull channel
  • RES 3: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 2: 1.3919/49 High Apr 6
  • RES 1: 1.3840 High Apr 7
  • PRICE: 1.3727 @ 06:00 BST Apr 13
  • SUP 1: 1.3670/69 Low Mar 25 / 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 and is trading closer to the lower end of its recent range. Firm resistance is at 1.3919, Apr 6 high. Also, a former bull channel drawn off the Nov 2, 2020 low highlights a key resistance at 1.3959. Clearance of 1.3919 and 1.3959 is required to strengthen a bullish argument. Attention is on key support 1.3670, Mar 25 low. A clean break would resume the downtrend and open 1.3641, 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.