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GBPUSD TECHS: Bullish Condition Fades as Spot Fades

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: 1.3094 Bull channel top drawn from the Oct 4 ‘23 low
  • RES 1: 1.3044 High Jul 17
  • PRICE: 1.2888 @ 15:34 BST Jul 25
  • SUP 1: 1.2860 Low Jul 25  
  • SUP 2: 1.2847/1.2782 20- and 50-day EMA
  • SUP 3: 1.2613 Low Jun 27
  • SUP 4: 1.2584 Low May 15   

GBPUSD faded further Thursday, opening a gap with the recent cycle high but - importantly - remaining within close range of 1.30. Gains posted mid-last week had confirmed a resumption of the bull phase, but price action has been more consolidative since. Price had cleared the 1.3000 handle, signalling scope for an extension towards 1.3094, the top of a bull channel drawn from the Oct 4 low of last year. Firm short-term support is seen below at 1.2847/1.2782, the 20- and 50-day EMA respectively. The bullish picture worsens below this mark.

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