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(Z2) Key Resistance Is At The 50-Day EMA

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Challenging The 50-Day EMA

  • RES 4: 1.2518 High Jun 6
  • RES 3: 1.2406 High Jun 16 and a key resistance
  • RES 2: 1.2332 High Jun 27
  • RES 1: 1.2245 High Jul 29 / 50-day EMA
  • PRICE: 1.2172 @ 16:05 BST Jul 29
  • SUP 1: 1.2052 20-day EMA
  • SUP 2: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 3: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
  • SUP 4: 1.1640 Low Mar 25 2020

GBPUSD recovered off lows into the Friday close, retaining the bulk of the week’s late recovery. This extends the bounce off 1.1760, the Jul 14 low. The pair has pierced the 50-day EMA - the average intersects at 1.2209. A clear breach would strengthen bullish conditions, signalling scope for a climb towards 1.2332, the Jun 27 high. On the downside, initial firm support to watch lies at 1.1890, the Jul 21 low. A break would signal a resumption of bearish activity.

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