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Bullish Following Range Breakout

GBPUSD TECHS
  • RES 4: 1.2667 High May 27 2022
  • RES 3: 1.2603 2.0% 10-dma envelope
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2525 High Apr 4
  • PRICE: 1.2443 @ 06:05 BST Apr 6
  • SUP 1: 1.2395 Low Apr 4
  • SUP 2: 1.2279/75 20-day EMA / Low Apr 3
  • SUP 3: 1.2191 Low Mar 24
  • SUP 4: 1.2183 50-day EMA

GBPUSD maintains a bullish tone. The pair has this week breached a key resistance at 1.2448, the Jan 23 high and the top of a broad range that started December 14 2022. The break represents an important short and medium-term development and signals the next stage of the uptrend that started Sep 26 last year. The focus is on a climb towards 1.2603 next, the top of a MA envelope study. Support to watch lies at 1.2279, the 20-day EMA.

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