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Takes Out First Support

  • RES 4: 1.4171 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: 1.3835 @ 17:03 BST Apr 30
  • SUP 1: 1.3807 Low Apr 30
  • 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

Despite holding its ground across the week, GBPUSD edged lower into the Friday close, opening a sizeable gap with recent highs of 1.4009. This marks the Apr 20 high and the recent pullback from this resistance still highlights a bearish threat. Cable needs to clear 1.4009 to offset these concerns. A break higher would reinstate a bullish theme and open 1.4103, a Fibonacci retracement. Short-term support at 1.3824, Apr 22 low gave way, raising the likelihood of a show below the handle.

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