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Probes Key Resistance

GBPUSD TECHS
  • RES 4: 1.4451 2.0% 10-dma envelope
  • RES 3: 1.4377 High Apr 17, 2018 and a key resistance
  • RES 2: 1.4315 High Apr 18, 2018
  • RES 1: 1.4248 Intraday high
  • PRICE: 1.4233 @ 06:10 BST Jun 1
  • SUP 1: 1.4092 Low May 27 and key short-term support
  • SUP 2: 1.4006/3972 Low May 13 / Low May 10
  • SUP 3: 1.3989 50-day EMA
  • SUP 4: 1.3858 Low May 6

GBPUSD has edged higher overnight and in the process probed key resistance at 1.4237, Feb 24 high and the bull trigger. The outlook remains bullish and a clear breach of this hurdle would confirm a resumption of the broader uptrend that started March 2020. This would open 1.4315, April 18, 2018 high. On the downside, initial firm support is at 1.4092, May 27 low where a break would suggest scope for a deeper corrective pullback.

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