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Uptrend Remains Intact

GBPUSD TECHS
  • RES 4: 1.2716 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: 1.2498 @ 05:45 BST May 2
  • SUP 1: 1.2435 20-day EMA
  • SUP 2: 1.2353/45 Low Apr 17 / 10
  • SUP 3: 1.2323 50-day EMA
  • SUP 4: 1.2275 Low Apr 3

The trend outlook in GBPUSD remains bullish and last Friday’s gains reinforce this theme. The pair traded higher to breach resistance at 1.2546, the Apr 14 high and bull trigger. This confirms a resumption of the uptrend and opens 1.2599, the Jun 7 2022 high. Support to watch is at the 20-day EMA, at 1.2435. A clear break of it is required to suggest scope for a deeper correction.

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