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Corrective Cycle Still In Play

GBPUSD TECHS
  • RES 4: 1.2680 High May 10 and the bull trigger
  • RES 3: 1.2547/2641 High May 16 / 11
  • RES 2: 1.2493 High May 18
  • RES 1: 1.2450 Intraday high
  • PRICE: 1.2437 @ 07:57 BST Jun 1
  • SUP 1: 1.2308 Low May 25 and the bear trigger
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2242 50.0% retracement of the Mar 8 - May 10 bull run
  • SUP 4: 1.2213 Low Mar 27

The current short-term corrective cycle in GBPUSD remains in play and the pair is trading at its most recent highs. A continuation higher would open 1.2493, the May 18 high. The primary short-term trend direction is unchanged and remains down. A resumption of this trend would open 1.2242, the 50.0% retracement of the Mar 8 - May 10 bull run. The bear trigger is 1.2308, the May 25 low.

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