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Bull Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.2772 High Apr 26 2022
  • RES 3: 1.2680 High May 10 and the bull trigger
  • RES 2: 1.2641 High May 11
  • RES 1: 1.2625 High June 13
  • PRICE: 1.2612 @ 06:01 BST Jun 14
  • SUP 1: 1.2482/35 20- and 50-day EMA values
  • SUP 2: 1.2369 Low Jun 5 and a key support
  • SUP 3: 1.2308 Low May 25 and the bear trigger
  • SUP 4: 1.2275 Low Apr 3

GBPUSD traded higher Tuesday to confirm an extension of the current bull cycle. The pair has breached 1.2592, 76.4% of the May 10 - 25 downleg. This signals scope for a climb towards key resistance at 1.2680, the May 10 high. A break of this hurdle would confirm a resumption of the longer-term uptrend that started Sep 26 last year. Initial firm support has been defined at 1.2369, Jun 5 low. First support is 1.2482, the 20-day EMA.

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