SCHATZ TECHS: (U5) Support Remains Intact For Now

• RES 4: 107.830 High Apr 22  
• RES 3: 107.690 High Apr 30
• RES 2: 107.610 High May 23 and a key near-term resistance
• RES 1: 107.320/475 Low May 29 / High May 27 
• PRICE: 107.235 @ 06:11 BST Jun 10
• SUP 1: 107.195 Low Jun 6    
• SUP 2: 107.125 Low May 12 and a key support
• SUP 3: 107.000 Round number support 
• SUP 4: 106.890 2.000 proj of the May 23 - 29 - 30 price swing

Schatz futures remain in a bull cycle, however, the sharp sell-off on Jun 5  does undermine the recent bull theme. A resumption of gains would highlight the fact that the retracement has been a correction. Initial resistance to watch is 107.475, the May 27 high. A break would be a bullish development. For bears, an extension lower would instead expose the key support at 107.125, the May 12 low.

• RES 4: 1.3800 Round number resistance 
• RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 1: 1.3616 High Jun 5    
• PRICE: 1.3542 @ 06:24 BST Jun 10
• SUP 1: 1.3462 20-day EMA
• SUP 2: 1.3335/3299 Low May 20 / 50-day EMA
• SUP 3: 1.3140 Low May 12 and key support
• SUP 4: 1.3041 Low Apr 14

Trend signals in GBPUSD remain bullish with price trading just ahead of its recent highs. Last week’s  fresh cycle high, confirmed a resumption of the uptrend and an extension of the price sequence of higher highs and higher lows. This opens 1.3681 next, a Fibonacci projection. Initial support to watch lies at 1.3462, the 20-day EMA. A clear break of this average would suggest potential for a deeper correction and expose the 50-day EMA, at 1.3299.