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Corrective Pullback

GBPUSD TECHS
  • RES 4: 1.2695 2.0% 10-dma envelope
  • RES 3: 1.2667 High May 27 2022
  • RES 2: 1.2599 High Jun 7 2022
  • RES 1: 1.2546 High Apr 14 and the bull trigger
  • PRICE: 1.2367 @ 16:27 BST Apr 17
  • SUP 1: 1.2362/57 20-day EMA / Low Apr 17
  • SUP 2: 1.2275 Low Apr 3
  • SUP 3: 1.2246 50-day EMA
  • SUP 4: 1.2191 Low Mar 24

GBPUSD remains in an uptrend and the Friday / Monday pullback is - for now - considered corrective. Last week’s climb resulted in a break of 1.2525, the Apr 4 high, confirming a resumption of the uptrend and reinforcing the bullish significance of the recent breach of 1.2448, the Jan 23 high and the top of a broad 3.5 months range. The focus is on 1.2599, the Jun 7 2022 high. On the downside, initial key short-term support is 1.2362, the 20-day EMA.

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