Sterling has found support at the 23.6% retracement of the rally from the Sep 2019 lows to the post-election euphoria highs. GBPUSD pushed through 1.32 at one stage on Tuesday, moving firmly clear from the support level at 1.3140.

The move erases much of the declines from last Thursday and Friday and may signal a recovery that bulls can use to base for a push north of 1.32 again. 50-day moving average support appears at 1.30 and is rising.

The rally ran out of legs at the 50% retracement of the decline from the Dec highs to the recent lows around 1.3220. Corresponding to this move, it’s the 38.2% retracement at 1.3140 that offers support near term. Double Fib support looks powerful.

Latest news

Monday, 19 May 2025

Indices

Stock index news today: ASX 200 goes higher on RBA Rate Cut

Monday, 19 May 2025

Indices

Morning Note: ECB Easing May Pause; Japan's Economic Slump; US Credit Caution

Monday, 19 May 2025

Indices

Morning Note: RBA Eases Policy; Canada's Inflation Outlook; China Lowers Rates

Sunday, 18 May 2025

Indices

Forex market today: India's Forex Reserves Hit 7-Month High