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Corrective Pullback

GBPUSD TECHS
  • RES 4: 1.2667 High May 27 2022
  • RES 3: 1.2648 2.0% 10-dma envelope
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2525 High Apr 4 and the bull trigger
  • PRICE: 1.2436 @ 15:28 BST Apr 11
  • SUP 1: 1.2345 Low Apr 4 0
  • SUP 2: 1.2314/2275 20-day EMA / Low Apr 3
  • SUP 3: 1.2209 50-day EMA
  • SUP 4: 1.2191 Low Mar 24

GBPUSD maintains a bullish tone and the recent move lower is considered corrective. The pair has breached 1.2448, Jan 23 high and the top of a broad range that started Dec 14 2022. This marks an important medium-term development signalling the next stage of the uptrend that started Sep 26 last year. The focus is on 1.2648, the top of a MA envelope study. The bull trigger is 1.2525, Apr 4 high. Support is at 1.2314, 20-day EMA.

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