Free Trial

Price Structure Remains Bullish

GBPUSD TECHS
  • RES 4: 1.4315 High Apr 18, 2018
  • RES 3: 1.4307 2.0% 10-dma envelope
  • RES 2: 1.4237 High Feb 24 and a key resistance
  • RES 1: 1.4178 Intraday high
  • PRICE: 1.4171 @ 06:15 BST May 18
  • SUP 1: 1.4006/3972 Low May 13 / Low May 10
  • SUP 2: 1.3890 50-day EMA
  • SUP 3: 1.3801 Low May 3 and a key support
  • SUP 4: 1.3778 Bull channel base drawn off the May 2020 low

GBPUSD outlook remains bullish and the pair is trading higher. The rate 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. A break of 1.4237 would strengthen a bullish case and confirm a resumption of the broader uptrend that started in March 2020. On the downside, initial firm support is at 1.4006, May 13 low.

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.