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Bull Cycle Extends

GBPUSD TECHS
  • RES 4: 1.3131 1.00 proj of the May 25 - Jun 16 - Jun 29 price swing
  • RES 3: 1.3090 High Apr 21
  • RES 2: 1.3035 High Apr 22 2022
  • RES 1: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • PRICE: 1.2962 @ 06:08 BST Jul 12
  • SUP 1: 1.2857 Low Jul 11
  • SUP 2: 1.2726/2674 20-day EMA / Low Jul 6
  • SUP 3: 1.2596/2605 Trendline drawn from Mar 8 low / Low Jun 29
  • SUP 4: 1.2433 Low Jun 8

GBPUSD continues to climb and conditions remain bullish. This week’s break of resistance at 1.2848, the Jun 16 high, confirms a resumption of the medium-term uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position. The focus is on 1.2977 next, a Fibonacci projection. Initial firm support lies at 1.2726, the 20-day EMA.

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