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Approaching The 50-Day EMA

GBPUSD TECHS
  • 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: 1.2687/2760 Low Jun 23 / High Jun 27
  • PRICE: 1.2625 @ 06:03 BST Jun 30
  • SUP 1: 1.2591 Low Jun 29
  • SUP 2: 1.2545/33 50-day EMA / Trendline drawn from the Mar 8 low
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5 and a key support

A bearish corrective cycle in GBPUSD remains in play and the pair is trading at this week’s lows. The pair has breached support at 1.2646, the 20-day EMA. The break of this average signals scope for a deeper pullback and exposes the 50-day EMA, at 1.2545. Note that a trendline support intersects at 1.2533 - drawn from the Mar 8 low. Initial key resistance is 1.2760, the Jun 27 high. The bull trigger is at 1. 2849, a Fibonacci projection.

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