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Bullish Price Sequence Extends

GBPUSD TECHS
  • RES 4: 1.2759 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 3: 1.2733 2.0% 10-dma envelope
  • RES 2: 1.2667 High May 27 2022
  • RES 1: 1.2599 High Jun 7 2022
  • PRICE: 1.2587 @ 06:15 BST May 4
  • SUP 1: 1.2450 20-day EMA
  • SUP 2: 1.2353/45 Low Apr 17 / 10
  • SUP 3: 1.2338 50-day EMA
  • SUP 4: 1.2275 Low Apr 3

The trend outlook in GBPUSD remains bullish and a fresh cycle high this week reinforces current conditions, maintaining the bullish price sequence of higher highs and higher lows. The focus is on 1.2599, the Jun 7 2022 high and 1.2667, the May 27 high last year. Support to watch is at the 20-day EMA, which intersects at 1.2450. A clear break of this average is required to signal a short-term top and suggest scope for a deeper correction.

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