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GBPUSD TECHS: Approaching Key Resistance

GBPUSD TECHS
  • RES 4: 1.3193 2.236 proj of the Apr 22 - May 3 - 9 price swing   
  • RES 3: 1.3142 High Jul 14 ‘23 and a key resistance 
  • RES 2: 1.3140 Top of a bull channel drawn from the Oct 4 ‘23 low
  • RES 1: 1.3129 High Aug 22
  • PRICE: 1.3087 @ 16:26 BST Aug 22
  • SUP 1: 1.2975/2880 Low Jul 20 / 20-day EMA  
  • SUP 2: 1.2821/2665 50-day EMA / Low Aug 8 and the bear trigger 
  • SUP 3: 1.2613 Low Jun 27 and a key support
  • SUP 4: 1.2584 61.8% retracement of the Apr 22 - Jul 17 bull cycle

GBPUSD bullish conditions remain intact. The pair has traded higher this week resulting in a break of key resistance at 1.3044, the Jul 17 high and a bull trigger. The clear breach of this hurdle strengthens a bullish condition and confirms a resumption of the uptrend that started Apr 22. Scope is seen for a climb towards 1.3140/42, the top of a bull channel drawn from the Oct 4 ‘23 low and the Jul 14’23 high. Firm support to watch is 1.2880, the 20-day EMA.

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