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Maintains A Firmer Tone

GBPUSD TECHS
  • RES 4: 1.2800 Round number resistance
  • RES 3: 1.2772 High Apr 26
  • RES 2: 1.2751 50-day EMA
  • RES 1: 1.2638 High May 4 and a key resistance
  • PRICE: 1.2541 @ 17:23 BST May 25
  • SUP 1: 1.2438 Low May 20
  • SUP 2: 1.2317/2156 Low May 17 / Low May 13 and the bear trigger
  • SUP 3: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend
  • SUP 4: 1.2000 psychological round number

GBPUSD is consolidating but maintains a firmer tone. On Monday, the pair traded above last week’s high of 1.2525 and the 20-day EMA at 1.2503. The clear break of this average signals scope for a stronger short-term recovery and opens 1.2638, the May 4 high and a key resistance. On the downside key support and the bear trigger is unchanged at 1.2156, the May 13 low. Initial firm support lies at 1.2317, the May 17 low.

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