Free Trial

Pullback Exposes Support At The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.2808 2.0% 10-dma envelope
  • RES 3: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 2: 1.2680 High May 10 and the bull trigger
  • RES 1: 1.2541 High May 12
  • PRICE: 1.2513 @ 16:06 BST May 15
  • SUP 1: 1.2445 Low May 12 and intraday low
  • SUP 2: 1.2395 50-day EMA
  • SUP 3: 1.2353/45 Low Apr 17 / 10 and a key support
  • SUP 4: 1.2275 Low Apr 3

The trend outlook in GBPUSD remains bullish. However, the pair has entered a short-term corrective cycle following the pullback from last week’s high of 1.2680 on May 10. A continuation lower would expose the 50-day EMA which intersects at 1.2395 - a key short-term support. A clear break of this average would strengthen bearish conditions. On the upside, the bull trigger is at 1.2680.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.