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Trades Through Resistance

GBPUSD TECHS
  • RES 4: 1.2680 High May 10 and the bull trigger
  • RES 3: 1.2641 High May 11
  • RES 2: 1.2592 76.4% retracement of the May 10 - 25 bear cycle
  • RES 1: 1.2590 High Jun 09
  • PRICE: 1.2586 @ 16:14 BST Jun 9
  • SUP 1: 1.2453 20-day EMA
  • SUP 2: 1.2369/2308 Low Jun 5 / Low May 25 and the bear trigger
  • SUP 3: 1.2275 Low Apr 3
  • SUP 4: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run

The GBPUSD bounce extended Friday. Resistance at 1.2545, the Jun 2 high, has been cleared, signalling scope for a continuation higher near-term. The break exposes 1.2592, a Fibonacci retracement. If this level is breached, attention would turn to key resistance at 1.2680, the May 10 high and a bull trigger. Initial firm support has been defined at 1.2369, the Jun 5 low. A breach would be bearish.

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