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US TSYS SUMMARY

Inflation Concerns Underpin Bear Steepening

AUDUSD TECHS

Bullish Theme

EURJPY TECHS

Firm Within Its Bull Channel

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  • RES 4: 1.4179 2.0% 10-dma envelope
  • RES 3: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
  • RES 2: 1.4009/17 High Apr 20 / High Mar 4
  • RES 1: 1.3977 High Apr 29
  • PRICE: 1.3873 @ 16:32 BST May 4
  • SUP 1: 1.3801 Low May 3
  • SUP 2: 1.3717 Low Apr 16
  • SUP 3: 1.3670/69 Low Mar 25 / Low Apr 12 and key support
  • SUP 4: 1.3567 Low Apr 2

GBPUSD traded sharply lower Apr 30 and in the process breached support at 1.3824, Apr 22 low. Despite yesterday's recovery, a bearish threat remains present. The move below 1.3824 and the failure to tackle resistance at 1.4009, Apr 20 high, highlights this threat and the risk of a pullback towards 1.3669, Apr 12 low. Clearance of this level would strengthen a bearish case. Cable needs to clear resistance at 1.4009 to reinstate a bullish theme.