Bear Cycle Remains In Play

• RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing
• RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
• RES 2: 1.2894 High Mar 8 and a key resistance
• RES 1: 1.2740/2860 High Jun 19 / 12 And the bull trigger
• PRICE: 1.2683 @ 06:08 BST Jul 3
• SUP 1: 1.2613 Low June 27
• SUP 2: 1.2584 Low May 15
• SUP 3: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle
• SUP 4: 1.2446 Low May 9 and a key near-term support

A bearish threat in GBPUSD remains present and S/T gains appear to be corrective - for now. Recent weakness resulted in the break of a key support at the 50-day EMA, signalling scope for a deeper correction. This has opened 1.2584, the May 15 low. For bulls, stronger recovery and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial firm resistance to watch is 1.2740, the Jun 19 high. A break would highlight an early reversal signal.