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Remains Above Last Week’s Lows

  • RES 4: 1.2667 High May 27 and a reversal trigger
  • RES 3: 1.2560 50-day EMA
  • RES 2: 1.2518 High Jun 10
  • RES 1: 1.2406 High Jun 16
  • PRICE: 1.2266 @ 05:57 BST Jun 21
  • SUP 1: 1.2042 Low Jun 16
  • SUP 2: 1.1934 Low Jun 14 and High Mar 20 2020
  • SUP 3: 1.1795 0.764 proj of the Mar 23 - May 13 - 27 price swing
  • SUP 4: 1.1777 Low Mar 26 2020

GBPUSD is unchanged but continues to trade above last week’s low of 1.1934 (Jun 14). Gains are considered corrective and the primary trend direction remains down. A resumption of weakness would refocus attention on 1.1934 that also marks the short-term bear trigger. A break would confirm a resumption of the downtrend and resume the price sequence of lower lows and lower highs. Initial firm resistance is seen at 1.2406, Jun 16 high.

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