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• RES 4: 1.3913 High Sep 14 2021
• RES 3: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 2: 1.3605 1.382 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 1: 1.3593 High May 26 and a bull trigger  
• PRICE: 1.3524 @ 16:15 BST Jun 3
• SUP 1: 1.3408 20-day EMA
• SUP 2: 1.3335/3244 Low May 20 / 50-day EMA
• SUP 3: 1.3140 Low May 12 and key support
• SUP 4: 1.3041 Low Apr 14

The trend structure in GBPUSD remains bullish and the latest shallow pullback is considered corrective. First key support lies at 1.3408, the 20-day EMA. A clear break of this average would suggest potential for a deeper correction and expose the 50-day EMA, at 1.3244. For bulls, a  resumption of gains would refocus attention on 1.3593, the May 26 high and bull trigger. Clearance of this level would resume the uptrend.    

RRP usage rebounds to $153.177B this afternoon from $135.841B yesterday, total number of counterparties at 34. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B.

• RES 4: 1.1625 1.500 proj of the Feb 28 - Mar 18 - Mar 27 price swing
• RES 3: 1.1608 High Nov 9 2021
• RES 2: 1.1573 High Apr 21 and the bull trigger
• RES 1: 1.1455 High Jun 03
• PRICE: 1.1381 @ 16:14 BST Jun 3
• SUP 1: 1.1307 20-day EMA
• SUP 2: 1.1182/1.1065 50-day EMA and a pivot level / Low May 12
• SUP 3: 1.1026 38.2% retracement of the Feb 3 - Apr 21 bull cycle
• SUP 4: 1.0943 Low Apr 10

A bullish theme in EURUSD remains intact and Monday’s gains and fresh short-term cycle high reinforce current conditions. The breach of  1.1419, the May 26 high, confirms a resumption of the trend and opens 1.1573, the Apr 21 high and bull trigger. Support to watch lies at 1.1182, the 50-day EMA. A clear break of this average would undermine the bull theme and signal scope for a deeper retracement. This would open 1.1065, the May 12 low.