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Bull Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.3000 Round number resistance
  • RES 3: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 2: 1.2877 High Apr 25 2022
  • RES 1: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
  • PRICE: 1.2776 @ 06:08 BST Jun 20
  • SUP 1: 1.2680/30 High May 10 / Low Jun 15
  • SUP 2: 1.2577/2483 20- and 50-day EMA values
  • SUP 3: 1.2369 Low Jun 5 and a key support
  • SUP 4: 1.2308 Low May 25 and the bear trigger

GBPUSD bulls remain in the driver’s seat and short-term pullbacks are considered corrective. The rally last week confirmed a clear break of 1.2680, the May 10 high and a bull trigger. This strengthens bullish conditions - 1.2680 was a key M/T hurdle for bulls and opens 1.2849, a Fibonacci projection. Moving average studies remain in a bull-mode condition reflecting current conditions. Initial firm support is at last Thursday’s 1.2630 low.

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