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Support Stays Intact

GBPUSD TECHS
  • RES 4: 1.2772 High Apr 26
  • RES 3: 1.2673 50-day EMA
  • RES 2: 1.2667 High May 27 and key short-term resistance
  • RES 1: 1.2590 High Jun 3
  • PRICE: 1.2506 @ 06:24 BST Jun 10
  • SUP 1: 1.2431 Low Jun 7
  • SUP 2: 1.2317 Low May 17
  • SUP 3: 1.2277 76.4% retracement of the May 13 - 27 upleg
  • SUP 4: 1.2156 Low May 13 and the bear trigger

GBPUSD is slightly weaker but remains inside its range. Support at 1.2431, Tuesday’s low, is intact and marks a key short-term level. The focus is on the 50-day EMA which intersects at 1.2673. A break of this EMA is still required to strengthen short-term bullish conditions. The primary trend direction is down though. A resumption of bearish activity would open 1.2317 initially, the May 17 low and the bear trigger at 1.2156, May 13 low.

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