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Extending This Week’s Recovery

GBPUSD TECHS
  • RES 4: 1.3254 Bull channel top drawn from the Mar 8 low
  • RES 3: 1.3142 High Jul 14 and the bull trigger
  • RES 2: 1.3045 High Jul 19
  • RES 1: 1.3011 61.8% retracement of the Jul 14 - 20 bear leg
  • PRICE: 1.2951 @ 06:07 BST Jul 27
  • SUP 1: 1.2801/2798 61.8% of the Jun 29 - Jul 14 Upleg / Low Jul 24
  • SUP 2: 1.2751 Low Jul 10
  • SUP 3: 1.2734 50-day EMA
  • SUP 4: 1.2702 Bull channel base drawn from the Mar 8 low

GBPUSD has traded higher today as the pair extends this week’s recovery. The move lower that started Jul 14, appears to be a correction. However, this bear cycle remains in play and short-term signals continue to highlight a bearish threat. A resumption of weakness would expose the 50-day EMA at 1.2734. The base of the bull channel, drawn from the Mar 8 low and a key support, crosses at 1.2702. First resistance is at 1.3011.

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