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Free AccessTrend Direction Remains Down
- RES 4: 1.2680 High May 10 and the bull trigger
- RES 3: 1.2547/2641 High May 16 / 11
- RES 2: 1.2493 High May 18
- RES 1: 1.2434/46 20-day EMA / High May 30
- PRICE: 1.2380 @ 16:10 BST May 31
- SUP 1: 1.2308 Low May 25 and the bear trigger
- SUP 2: 1.2275 Low Apr 3
- SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
- SUP 4: 1.2213 Low Mar 27
Recent short-term gains in GBPUSD are considered corrective, for now, and the trend direction remains down. Price has recently breached the 50-day EMA and 1.2345, the Apr 10 low. A resumption of the downtrend would open 1.2242, a Fibonacci retracement. The bear trigger is 1.2308, the May 25 low. On the upside, firm resistance at 1.2434, the 20-day EMA, has been pierced. A clear break of this average would signal a possible reversal.
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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.