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Fresh Cycle High

GBPUSD TECHS
  • RES 4: 1.2759 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend
  • RES 3: 1.2733 2.0% 10-dma envelope
  • RES 2: 1.2667 High May 27 2022
  • RES 1: 1.2634 High May 5
  • PRICE: 1.2606 @ 15:32 BST May 4
  • SUP 1: 1.2461 20-day EMA
  • SUP 2: 1.2436 Low May 2
  • SUP 3: 1.2353/45 Low Apr 17 / 10
  • SUP 4: 1.2347 50-day EMA

The trend outlook in GBPUSD remains bullish and a fresh cycle high Friday reinforces current conditions. The pair has traded through 1.2599, the Jun 7 2022 high and this signals scope for 1.2667, the May 27 high from last year. A bullish price sequence of higher highs and higher lows remains intact and moving average studies are in a bull mode position. Support to watch is at the 20-day EMA, which intersects at 1.2461.

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