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Bull Cycle Remains In Play

GBPUSD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • 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: 1.2709 @ 16:00 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 - despite a late Thursday fade. 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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  • 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: 1.2709 @ 16:00 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 - despite a late Thursday fade. 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.