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GBPUSD TECHS: Bull Cycle Extends

GBPUSD TECHS
BulletForeign Exchange Technical AnalysisForeign Exchange Bullets
  • RES 4: 1.2894 High Mar 8 and a key resistance   
  • RES 3: 1.2823 High Mar 14
  • RES 2: 1.2803 High Mar 21
  • RES 1: 1.2761 76.4% retracement of the Mar 8 - Apr 22 bear leg
  • PRICE: 1.2730 @ 16:32 BST May 22
  • SUP 1: 1.2643/1.2587 Low May 16 / 50-day EMA 
  • SUP 2: 1.2510 Low May 14 
  • SUP 3: 1.2446 Low May 9 and a key near-term support 
  • SUP 4: 1.2423 Low Apr 24      

GBPUSD maintains a bullish tone and the pair traded higher Wednesday. The break last week of 1.2634, the May 3 high, confirmed a resumption of the current bull cycle and opened 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. It has been pierced, a clear break would expose 1.2803, the Mar 21 high. Initial firm support lies at 1.2587, the 50-day EMA. Key support is at 1.2446, the May 9 low. A break of this level is required to reinstate a bearish threat.  
 

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  • RES 4: 1.2894 High Mar 8 and a key resistance   
  • RES 3: 1.2823 High Mar 14
  • RES 2: 1.2803 High Mar 21
  • RES 1: 1.2761 76.4% retracement of the Mar 8 - Apr 22 bear leg
  • PRICE: 1.2730 @ 16:32 BST May 22
  • SUP 1: 1.2643/1.2587 Low May 16 / 50-day EMA 
  • SUP 2: 1.2510 Low May 14 
  • SUP 3: 1.2446 Low May 9 and a key near-term support 
  • SUP 4: 1.2423 Low Apr 24      

GBPUSD maintains a bullish tone and the pair traded higher Wednesday. The break last week of 1.2634, the May 3 high, confirmed a resumption of the current bull cycle and opened 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. It has been pierced, a clear break would expose 1.2803, the Mar 21 high. Initial firm support lies at 1.2587, the 50-day EMA. Key support is at 1.2446, the May 9 low. A break of this level is required to reinstate a bearish threat.