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Support Remains Exposed

GBPUSD TECHS
  • RES 4: 1.2894 High Mar 8 and a key resistance
  • RES 3: 1.2865 High Mar 11
  • RES 2: 1.2803 High Mar 21
  • RES 1: 1.2646/2709 20-day EMA / High Apr 09
  • PRICE: 1.2546 @ 05:56 BST Apr 11
  • SUP 1: 1.2520/19 Low Apr 10 / Low Feb 5 and the bear trigger
  • SUP 2: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 3: 1.2446 Low Nov 20 ‘23
  • SUP 4: 1.2364 61.8% retracement of the Oct 4 - Mar 8 bull leg

GBPUSD reversed lower Wednesday and this reinstates a short-term bearish threat. Key support to watch lies at 1.2519, the Feb 5 low. A clear break of this level would highlight an important bearish development and a stronger reversal. This would open 1.2465, 50.0% of the Oct 4 - Mar 8 bull leg. On the upside, initial firm resistance has been defined at 1.2709, the Apr 10 high. A break of this level would reinstate a bullish theme.

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