Free Trial

Watching Resistance

GBPUSD TECHS
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2759 61.8% retracement of the Mar 8 - Apr 1 bear leg
  • RES 2: 1.2717 50.0% retracement of the Mar 8 - Apr 1 bear leg
  • RES 1: 1.2684 Intraday high
  • PRICE: 1.2672 @ 14:59 GMT Apr 4
  • SUP 1: 1.2540 Low Apr 1 / 2
  • SUP 2: 1.2519 Low Feb 5 and the bear trigger
  • SUP 3: 1.2465 50.0% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2446 Low Nov 20 ‘23

A bearish threat in GBPUSD remains present despite Wednesday’s bump higher and today’s gains. Resistance to watch is 1.2666, the 50-day EMA. It has been pierced, a clear break of this EMA would improve S/T conditions and signal scope for stronger recovery. For bears, recent weakness has exposed 1.2519, Feb 5 low and key support. Clearance of this level would strengthen the bearish theme and open 1.2465, a Fibonacci retracement.

To read the full story

Close

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.