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Corrective Cycle Extends

GBPUSD TECHS
  • RES 4: 1.3044 High Jul 17 and the bull trigger
  • RES 3: 1.2968 High Jul 19
  • RES 2: 1.2863/2938 High Aug 1 / High Jul 24
  • RES 1: 1.2798/1.2810 20-day EMA / Intraday high
  • PRICE: 1.2805 @ 07:59 BST Aug 13
  • SUP 1:1.2665 Low Aug 8 and the bear trigger
  • SUP 2: 1.2613 Low Jun 27 and a key support
  • SUP 3: 1.2584 61.8% retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2510 Low May 14

GBPUSD is trading higher today and this has resulted in a print above resistance around the 20-day EMA, at 1.2798. A clear break of this average would signal scope for a stronger short-term retracement and open 1.2863 initially, the Aug 1 high. Current gains are considered corrective, a resumption of weakness would refocus attention on the recent Aug low of 1.2665. A break of this level would resume the bear cycle that started Jul 17.

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