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Bull Cycle Still In Play Despite Pullback

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: 1.2605 High June 13
  • PRICE: 1.2604 @ 15:58 BST Jun 13
  • SUP 1: 1.2468/27 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

Monday’s move lower in GBPUSD appears to be a correction and a bull cycle remains in play. Resistance at 1.2545, Jun 2 high, was cleared last week, and yesterday’s early gains resulted in a print above 1.2592, 76.4% of the May 10 - 25 downleg. A clear break of this level would expose key resistance at 1.2680, May 10 high. Initial firm support has been defined at 1.2369, Jun 5 low. First support is 1.2468, the 20-day EMA.

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