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Bounce Faces Resistance

GBPUSD TECHS
  • RES 4: 1.2680 High May 10 and the bull trigger
  • RES 3: 1.2641 High May 11
  • RES 2: 1.2592 76.4% retracement of the May 10 - 25 bear cycle
  • RES 1: 1.2542/2545 High Jun 8 / 2 and key resistance
  • PRICE: 1.2535 @ 16:05 BST Jun 8
  • SUP 1: 1.2369/2308 Low Jun 5 / Low May 25 and the bear trigger
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
  • SUP 4: 1.2213 Low Mar 27

GBPUSD bounced sharply Thursday, putting prices within range of first resistance at 1.2545. Progress and a close through here will have to be cemented before any further leg higher and a reversal off lows can proceed - this level also coincides with 1.2538, the 61.8% retracement for the May downleg. Any return lower would open 1.2308, May 25 low and key support.

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