Free Trial

Testing The Former Bull Channel Base

GBPUSD TECHS
  • RES 4: 1.4182 High Feb 25
  • RES 3: 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
  • RES 2: 1.4064 2.0% 10-dma envelope
  • RES 1: 1.4017 High Mar 4
  • PRICE: 1.4003 @ 06:09 BST Apr 20
  • SUP 1: 1.3919 High Apr 6
  • SUP 2: 1.3810 Low Apr 19
  • SUP 3: 1.3717 Low Apr 16
  • SUP 4: 1.3670/69 Low Mar 25 / Low Apr 12 and key support

GBPUSD rallied Monday. The pair topped key resistance at 1.3919, Apr 6 high. This markedly strengthens the S/T bullish theme and exposes the former bull channel base drawn off the Nov 2, 2020 low. The line intersects at 1.4006 and is under pressure as Cable extends this week's rally. Note too resistance at 1.4017, Mar 4 high. A break of this 1.4006/17 zone would signal scope for a stronger climb. Support is at yesterday's low of 1.3810.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.