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Probes Resistance

GBPUSD TECHS
  • RES 4: 1.2772 High Apr 26
  • RES 3: 1.2769 50-day EMA
  • RES 2: 1.2638 High May 4 and a key resistance
  • RES 1: 1.2525 High May 19
  • PRICE: 1.2459 @ 06:18 BST May 20
  • SUP 1: 1.2317/2156 Low May 17 / Low May 13 and the bear trigger
  • SUP 2: 1.2081 76.4% retracement of the Mar ‘20 - Jun ‘21 uptrend
  • SUP 3: 1.2000 psychological round number
  • SUP 4: 1.1903 1.00 proj of the Apr 14 - 28 - May 4 price swing

GBPUSD traded higher Thursday and in turn reversed Wednesday’s bear leg. The pair has probed resistance at the 20-day EMA, at 1.2492. A clear break of this average would signal scope for a stronger short-term recovery and open 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 support lies at 1.2317, the May 17 low.

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