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Corrective Pullback

GBPUSD TECHS
  • 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: 1.2194/2293 50-day EMA / High Aug 01
  • PRICE: 1.2085 @ 06:20 BST Aug 9
  • SUP 1: 1.2004 Low Aug 5
  • SUP 2: 1.1961 Low Jul 25
  • SUP 3: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
  • SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing

GBPUSD remains below its recent highs. A bullish short-term theme is intact and the latest pullback is considered corrective. Price has recently traded above the 50-day EMA. This reinforced short-term bullish conditions and has opened 1.2332, the Jun 27 high. Potential is also seen for a climb towards 1.2406, the Jun 16 high and a key resistance. Initial support to watch is 1.2004, Friday’s low.

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