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Testing Support At The 50-Day EMA

GBPUSD TECHS
  • RES 4: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 3: 1.2680 High May 10 and the bull trigger
  • RES 2: 1.2547/2641 High May 16 / 11
  • RES 1: 1.2498 20-day EMA
  • PRICE: 1.2396 @ 05:53 BST May 19
  • SUP 1: 1.2392 Low May 18 and intraday low
  • SUP 2: 1.2353/45 Low Apr 17 / 10 and a key support
  • SUP 3: 1.2275 Low Apr 3
  • SUP 4: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run

GBPUSD maintains a softer tone and is trading at its recent lows. Yesterday’s move lower resulted in a test of the 50-day EMA which intersects at 1.2408. This average represents a key support and a clear break would strengthen current bearish conditions and expose 1.2345, the Apr 10 low. On the upside, initial firm resistance is seen at 1.2547, the May 16 high where a break is required to signal a possible reversal.

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