Free Trial

Remains Below Resistance

GBPUSD TECHS
  • RES 4: 1.3959 High Mar 19
  • RES 3: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 2: 1.3919/30 High Apr 6 / Former channel bull channel base
  • RES 1: 1.3840 High Apr 7
  • PRICE: 1.3726 @ 17:18 GMT Apr 9
  • SUP 1: 1.3671 Low Apr 9
  • SUP 2: 1.3670/63 Low Mar 25 / Low Feb 5
  • SUP 3: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle
  • SUP 4: 1.3567 Low Feb 4

GBPUSD is softer. The pair found resistance this week at 1.3919, on Apr 6. The failure at recent highs highlights the importance of resistance relating to the former bull channel drawn off the Nov 2, 2020 low - the channel base was cleared Mar 23. The base intersects at 1.3940 and a strong break higher is required to strengthen a bullish argument. Key support and the bear trigger is 1.3670, Mar 25 low. A break would open 1.3641, a Fibonacci retracement.

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.