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Bulls Remain In The Driver’s Seat

GBPUSD TECHS
  • RES 4: 1.3391 1.236 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 3: 1.3328 76.4% retracement of the Jun ‘21 - Sep ‘22 downleg
  • RES 2: 1.3258 1.236 proj of the May 25 - Jun 16 - Jun 29 price swing
  • RES 1: 1.3174 Bull channel top drawn from the Mar 8 low
  • PRICE: 1.3115 @ 15:58 BST Jul 14
  • SUP 1: 1.2982 Low Jul 13
  • SUP 2: 1.2848 High Jun 16 and a recent breakout level
  • SUP 3: 1.2788 20-day EMA
  • SUP 4: 1.2674 Low Jul 6

GBPUSD bulls remain in the driver’s seat. 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 1.3174, the top of a bull channel drawn from the Mar 8 low. Initial firm support lies at 1.2788, the 20-day EMA.

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