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GBPUSD TECHS: Bullish Condition Holds, Despite Fade Off Highs

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: 1.2917 @ 07:52 BST Jul 22
  • SUP 1: 1.2901 Low Jul 19  
  • SUP 2: 1.2829/2746 20- and 50-day EMA
  • SUP 3: 1.2613 Low Jun 27
  • SUP 4: 1.2584 Low May 15   

GBPUSD remains in a bull-mode condition despite the dip back below 1.30. Wednesday’s gains once again confirm a resumption of the current bull phase and the extension higher highlights a stronger medium-term bullish condition. Price has 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 at 1.2829, the 20-day EMA.     

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