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Bull Cycle Extends

GBPUSD TECHS
  • RES 4: 1.2877 High Apr 25 2022
  • RES 3: 1.2780 2.0% 10-dma envelope
  • RES 2: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 1: 1.2669 High May 8
  • PRICE: 1.2610 @ 15:45 BST May 9
  • SUP 1: 1.2548/2491 Low May 4 / 20-day EMA
  • SUP 2: 1.2436 Low May 2
  • SUP 3: 1.2353/45 Low Apr 17 / 10
  • SUP 4: 1.2275 Low Apr 3

The trend outlook in GBPUSD remains bullish and a fresh cycle high Monday reinforces current conditions. The pair traded through 1.2599 last week, the Jun 7 2022 high and the focus is on 1.2767 next, a Fibonacci retracement. A bullish price sequence of higher highs and higher lows remains intact and moving average studies are in a bull mode position. Support to watch is at the 20-day EMA, which intersects at 1.2491.

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