GBPUSD TECHS: Fresh Cycle High
May-21 17:30
- RES 4: 1.3605 1.382 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 3: 1.3550 High Feb 24 ‘22
- RES 2: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3469 Intraday high
- PRICE: 1.3435 @ 15:58 BST May 21
- SUP 1: 1.3282 20-day EMA
- SUP 2: 1.3140/37 Lows May 12 / 50-day EMA
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2968 Low Apr 11
GBPUSD traded sharply higher on the back of the UK CPI print, and saw further support from USD weakness into the close. This put prices briefly through key resistance and the bull trigger at 1.3444, the Apr 28 / 29 high. A clear break of this hurdle would confirm a resumption of the uptrend and signal scope for an extension towards 1.3510, a Fibonacci projection point. Medium-term trend signals highlight a dominant uptrend - moving average studies are in a bull-mode position. Key support to watch is 1.3137, the 50-day EMA.
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