GBPUSD TECHS: Clears Key Resistance
- RES 4: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
- RES 3: 1.2877 High Apr 25 2022
- RES 2: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
- RES 1: 1.2800 Round number resistance
- PRICE: 1.2782 @ 19:58 BST Jun 15
- SUP 1: 1.2630 Low Jun 15
- SUP 2: 1.2499/43 20- and 50-day EMA values
- SUP 3: 1.2369 Low Jun 5 and a key support
- SUP 4: 1.2308 Low May 25 and the bear trigger
GBPUSD traded sharply higher Thursday. The rally has confirmed a clear break of the 1.2680 former resistance, the May 10. The breach strengthens bullish conditions - 1.2680 was a key medium-term resistance. This opens the 1.2800 handle and 1.2849, a Fibonacci projection. Moving average studies remain in a bull-mode condition reflecting current conditions. Initial support is at Thursday’s 1.2630 low.
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US 10YR FUTURE TECHS: (M3) Testing Support At The 50-Day EMA
- RES 4: 117-29+ High Aug 26 2022 (cont)
- RES 3: 117-01+ High Mar 24 and bull trigger
- RES 2: 117-00 High May 4
- RES 1: 115-18+/116-16 Intraday high / High May 11
- PRICE: 114-29 @ 19:52 BST May 16
- SUP 1: 114-23 Low May 16
- SUP 2: 114-10 Low May 1
- SUP 3: 113-30+ Low Apr 19 and a key support
- SUP 4: 113-26 Low Mar 22
Treasury futures traded lower again Tuesday and the contract has breached support at 115-01+, the May 9 low, and is testing the 50-day EMA, at 114-30+. A clear break of this EMA would signal scope for a deeper retracement and open 114-10 initially, May 1 low. For bulls, a reversal higher would refocus attention on resistance at 117-01+, the Mar 24 high. This is the bull trigger where a break would highlight an important bullish development.
GBPUSD TECHS: Corrective Cycle Still In Play
- RES 4: 1.2812 2.0% 10-dma envelope
- RES 3: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
- RES 2: 1.2680 High May 10 and the bull trigger
- RES 1: 1.2541/2641 High May 12 / 11
- PRICE: 1.2489 @ 19:45 BST May 16
- SUP 1: 1.2445 Low May 12 / 15
- SUP 2: 1.2401 50-day EMA
- SUP 3: 1.2353/45 Low Apr 17 / 10 and a key support
- SUP 4: 1.2275 Low Apr 3
The trend outlook in GBPUSD remains bullish. Near-term, the pair remains in a short-term corrective cycle following the pullback from last week’s high of 1.2680, on May 10. A continuation lower would expose the 50-day EMA which intersects at 1.2401 - a key short-term support. A clear break of this average would strengthen bearish conditions. On the upside, the bull trigger is at 1.2680.
EURUSD TECHS: Maintains A Softer Tone
- RES 4: 1.1127 1.00 projection of the Mar 15 - 23 - 24 price swing
- RES 3: 1.1054/95 High May 8 / High Apr 26 and key resistance
- RES 2: 1.1007 High May 10
- RES 1: 1.0954 20-day EMA
- PRICE: 1.0869 @ 19:44 BST May 16
- SUP 1: 1.0831 Low Apr 10
- SUP 2: 1.0805 50.0% retracement of the Mar 15 - Apr 26 bull run
- SUP 3: 1.0788 Low Apr 3
- SUP 4: 1.0737 61.8% retracement of the Mar 15 - Apr 26 bull run
EURUSD maintains a softer tone following the recent pullback and break of former support at 1.0942, the May 2 low. The pair has also cleared the 50-day EMA, at 1.0892, a key support. This signals scope for an extension lower towards 1.0831, the Apr 10 low and 1.0805, a Fibonacci retracement. The current pullback is considered corrective. Initial firm resistance is at 1.0954, the 20-day EMA.
