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Fades Off Highs

GBPUSD TECHS
  • RES 4: 1.2877 High Apr 25 2022
  • RES 3: 1.2818 2.0% 10-dma envelope
  • RES 2: 1.2767 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 1: 1.2680 High May 10 and the bull trigger
  • PRICE: 1.2524 @ 06:05 BST May 12
  • SUP 1: 1.2497 Low May 11
  • SUP 2: 1.2436 Low May 2
  • SUP 3: 1.2393 50-day EMA
  • SUP 4: 1.2353/45 Low Apr 17 / 10 and a key support

The trend outlook in GBPUSD remains bullish and Thursday’s pullback is considered corrective - for now. The pair has tested support at the 20-day EMA, which intersects at 1.2515. A clear breach of this average would signal scope for a deeper retracement and open 1.2393, the 50-day EMA. The trend outlook remains bullish. The bull trigger has been defined at 1.2680, the May 10 high. A break of this hurdle would confirm a resumption of the bull cycle.

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