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GBPUSD TECHS: Approaching Key Resistance

GBPUSD TECHS
  • RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing   
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2846/2860 High Jul 08 / High Jun 12 and bull trigger 
  • PRICE: 1.2782 @ 16:47 BST Jul 9
  • SUP 1: 1.2716/2686 20- and 50-day EMA
  • SUP 2: 1.2613 Low Jun 27
  • SUP 3: 1.2584 Low May 15
  • SUP 4: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle    

GBPUSD is holding on to the bulk of its recent gains. A bullish theme remains intact. Last week’s break of resistance at 1.2740, the Jun 19 high, strengthened a bullish theme and signals scope for a climb towards 1.2860, the Jun 12 high and the next important resistance. A break would resume the uptrend that started Apr 22. Key support lies at 1.2613, the Jun 27 low. First support is at 1.2716, the 20-day EMA.

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