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Bulls Remain In The Driver’s Seat

GBPUSD TECHS
  • RES 4: 1.3328 76.4% retracement of the Jun ‘21 - Sep ‘22 downleg
  • RES 3: 1.3258 1.236 proj of the May 25 - Jun 16 - Jun 29 price swing
  • RES 2: 1.3165 Bull channel top drawn from the Mar 8 low
  • RES 1: 1.3131 1.00 proj of the May 25 - Jun 16 - Jun 29 price swing
  • PRICE: 1.3111 @ 15:53 BST Jul 13
  • SUP 1: 1.2904/2848 Low Jul 12 / High Jun 16
  • SUP 2: 1.2751/2674 20-day EMA / Low Jul 6
  • SUP 3: 1.2674 Low Jul 6
  • SUP 4: 1.2625/13 50-day EMA / Channel base drawn from Mar 8 low

GBPUSD bulls remain in the driver’s seat and the pair is firmer again Thursday. This week’s clearance of resistance at 1.2848, the Jun 16 high, confirms a resumption of the medium-term uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position. The focus is on 1.3131 next, a Fibonacci projection. Initial firm support lies at 1.2751, the 20-day EMA.

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