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Pullback Considered Corrective

GBPUSD TECHS
  • RES 4: 1.3000 Round number resistance
  • RES 3: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 2: 1.2877 High Apr 25 2022
  • RES 1: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
  • PRICE: 1.2742 @ 16:25 BST Jun 22
  • SUP 1: 1.2680/30 High May 10 / Low Jun 15
  • SUP 2: 1.2611/2505 20- and 50-day EMA values
  • SUP 3: 1.2369 Low Jun 5 and a key support
  • SUP 4: 1.2308 Low May 25 and the bear trigger

GBPUSD bulls remain in the driver’s seat and this week’s pullback appears to be a correction. The break last week of 1.2680, the May 10 high and a bull trigger, strengthens bullish conditions - 1.2680 was a key medium-term hurdle for bulls and opens 1.2849, a Fibonacci projection. Moving average studies are in a bull-mode condition reflecting current conditions. Initial firm support is at 1.2630, the Jun 15 low.

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