May 23, 2024 05:08 GMT
Bull Cycle Remains In Play
GBPUSD TECHS
- RES 4: 1.2894 High Mar 8 and a key resistance
- RES 3: 1.2823 High Mar 14
- RES 2: 1.2803 High Mar 21
- RES 1: 1.2761 High May 22
- PRICE: 1.2724 @ 06:07 BST May 23
- SUP 1: 1.2643/1.2592 Low May 16 / 50-day EMA
- SUP 2: 1.2510 Low May 14
- SUP 3: 1.2446 Low May 9 and a key near-term support
- SUP 4: 1.2423 Low Apr 24
A bullish trend condition in GBPUSD remains intact and the pair is trading closer to its recent highs. The break last week of 1.2634, the May 3 high, confirmed a resumption of the current bull cycle and this opened 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. It was pierced yesterday, a clear break would expose 1.2803, the Mar 21 high. Initial firm support lies at 1.2592, the 50-day EMA.
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