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Outlook Remains Bullish

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 1.2823 High Mar 14
  • RES 3: 1.2803 High Mar 21
  • RES 2: 1.2754 76.4% retracement of the Mar 8 - Apr 22 bear leg
  • RES 1: 1.2727 High May 20
  • PRICE: 1.2711 @ 05:52 BST May 22
  • SUP 1: 1.2643/1.2587 Low May 16 / 50-day EMA
  • SUP 2: 1.2510 Low May 14
  • SUP 3: 1.2446 Low May 9 and a key near-term support
  • SUP 4: 1.2423 Low Apr 24

GBPUSD maintains a bullish tone and the pair is trading at its recent highs. The break last week of 1.2634, the May 3 high, confirms a resumption of the current bull cycle and has opened 1.2754, a Fibonacci retracement. Clearance of this level would open 1.2803, Mar 21 high. On the downside, initial firm support lies at 1.2587, the 50-day EMA. Key support lies at 1.2446, the May 9 low. A break of this level is required to reinstate a bearish threat.

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  • RES 4: 1.2823 High Mar 14
  • RES 3: 1.2803 High Mar 21
  • RES 2: 1.2754 76.4% retracement of the Mar 8 - Apr 22 bear leg
  • RES 1: 1.2727 High May 20
  • PRICE: 1.2711 @ 05:52 BST May 22
  • SUP 1: 1.2643/1.2587 Low May 16 / 50-day EMA
  • SUP 2: 1.2510 Low May 14
  • SUP 3: 1.2446 Low May 9 and a key near-term support
  • SUP 4: 1.2423 Low Apr 24

GBPUSD maintains a bullish tone and the pair is trading at its recent highs. The break last week of 1.2634, the May 3 high, confirms a resumption of the current bull cycle and has opened 1.2754, a Fibonacci retracement. Clearance of this level would open 1.2803, Mar 21 high. On the downside, initial firm support lies at 1.2587, the 50-day EMA. Key support lies at 1.2446, the May 9 low. A break of this level is required to reinstate a bearish threat.