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Pullback Considered Corrective

  • RES 4: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 3: 1.2440 2.0% 10-dma envelope
  • RES 2: 1.2401 High Feb 2
  • RES 1: 1.2344 High Mar 23
  • PRICE: 1.2236 @ 05:54 GMT Mar 27
  • SUP 1: 1.2179 Low Mar 23 / 21
  • SUP 2: 1.2138 20-day EMA
  • SUP 3: 1.2106 50-day EMA
  • SUP 4: 1.2011 Low Mar 15

GBPUSD maintains a bullish tone despite the pullback from 1.2344, the Mar 23 high. The pair has recently cleared a number of resistance points signalling scope for an extension higher. This has opened 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance. On the downside, initial firm support lies at 1.2179, the Mar 21 low, ahead of 1.2138, the 20-day EMA and a key short-term chart point.

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