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Approaching Key Resistance

  • RES 4: 1.2558 High Jun 9 2022
  • RES 3: 1.2524 2.0% 10-dma envelope
  • RES 2: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 1: 1.2423 High Mar 31
  • PRICE: 1.2371 @ 16:39 BST Mar 31
  • SUP 1: 1.2204 20-day EMA
  • SUP 2: 1.2191 Low Mar 24
  • SUP 3: 1.2140 50-day EMA
  • SUP 4: 1.2011 Low Mar 15

GBPUSD maintains a bullish tone for now and the pair traded higher again Friday. Price has breached resistance at 1.2401, the Feb 2 high and attention is on 1.2448, the Jan 23 high. The latter is a key medium-term hurdle for bulls. On the downside, initial firm support lies at 1.2203, the 20-day EMA. A clear break of this average would be seen as a short-term bearish development.

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