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Trend Needle Continues To Point North

GBPUSD TECHS
  • RES 4: 1.2683 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2474/2546 High Apr 19 / 14 and the bull trigger
  • PRICE: 1.2436 @ 06:00 BST Apr 24
  • SUP 1: 1.2353/45 Low Apr 17 / 10
  • SUP 2: 1.2278 50-day EMA
  • SUP 3: 1.2191 Low MAr 24
  • SUP 4: 1.2161 Low Mar 20

GBPUSD is in consolidation mode. The uptrend remains intact and price is trading above support at 1.2387, the 20-day EMA. The average was pierced last week, a clear breach of it would signal scope for a deeper correction. On the upside, a resumption of gains would refocus attention on 1.2546, the Apr 14 high, where a break would resume the uptrend for 1.2599, the Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, Apr 10 low.

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