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Resistance Remains Intact

GBPUSD TECHS
  • RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2740/2860 High Jun 19 / 12
  • PRICE: 1.2688 @ 06:13 BST Jun 26
  • SUP 1: 1.2623 Low June 21
  • SUP 2: 1.2584 Low May 15
  • SUP 3: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle
  • SUP 4: 1.2446 Low May 9 and a key near-term support

A short-term bearish theme in GBPUSD remains in play and despite recent gains, price is trading closer to its recent lows. Key support at 1.2674, the 50-day EMA, has been cleared, signalling scope for a deeper correction towards 1.2584, the May 15 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial resistance to watch is unchanged, at 1.2740, the Jun 19 high.

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