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Needle Still Points North

GBPUSD TECHS
  • RES 4: 1.4338 2.0% 10-dma envelope
  • RES 3: 1.4315 High Apr 18, 2018
  • RES 2: 1.4237 High Feb 24 and a key resistance
  • RES 1: 1.4220 High May 18
  • PRICE: 1.4186 @ 19:27 BST May 19
  • SUP 1: 1.4006/3972 Low May 13 / Low May 10
  • SUP 2: 1.3911 50-day EMA
  • SUP 3: 1.3801 Low May 3 and a key support
  • SUP 4: 1.3791 Bull channel base drawn off the May 2020 low

Despite Wednesday's pullback, the GBPUSD outlook remains bullish. Cable has recently cleared a number of resistance levels, reinforcing a positive theme and sights are set on the key resistance at 1.4237, Feb 24 high. Clearance of this level would reinforce a bullish case and confirm a resumption of the broader uptrend from March 2020. On the downside, initial firm support is unchanged at 1.4006, May 13 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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