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Trend Needle Still Points North

GBPUSD TECHS
  • RES 4: 1.2720 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2584 High Apr 28 and May 1
  • PRICE: 1.2530 @ 16:03 BST May 3
  • SUP 1: 1.2438 20-day EMA
  • SUP 2: 1.2353/45 Low Apr 17 / 10
  • SUP 3: 1.2329 50-day EMA
  • SUP 4: 1.2275 Low Apr 3

The trend outlook in GBPUSD is unchanged and remains bullish. Last Friday’s gains reinforced this theme - the pair traded higher to breach resistance at 1.2546, the Apr 14 high and bull trigger. This also confirmed a resumption of the uptrend and has opened 1.2599, the Jun 7 2022 high. Support to watch is at the 20-day EMA, at 1.2438. A clear break of it is required to suggest scope for a deeper correction.

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