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Pullback Considered Corrective

GBPUSD TECHS
  • RES 4: 1.2692 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2515/2546 High Apr 26 / High Apr 14 and the bull trigger
  • PRICE: 1.2473 @ 15:40 BST Apr 26
  • SUP 1: 1.2353/45 Low Apr 17 / 10
  • SUP 2: 1.2291 50-day EMA
  • SUP 3: 1.2191 Low Mar 24
  • SUP 4: 1.2161 Low Mar 20

GBPUSD showed above the Tuesday high ahead of the London close, confirming the recent downtick as corrective in the pair. The primary trend direction remains up and sights are on 1.2546, the Apr 14 high and bull trigger. Clearance of this level would resume the uptrend for 1.2599, the Jun 7 2022 high. To the downside, support is at the 20-day EMA - at 1.2398. This average has been pierced and a clear break of it is required to suggest scope for a deeper correction that would open 1.2291, the 50-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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