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GBPUSD TECHS: Pullback Appears To Be A Correction

GBPUSD TECHS
  • RES 4: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing  
  • RES 3: 1.2894 High Mar 8 and a key resistance
  • RES 2: 1.2859 1.236 proj of the Apr 22 - May 3 - 9 price swing 
  • RES 1: 1.2817 High June 4 and the bull trigger 
  • PRICE: 1.2722 @ 16:16 BST Jun 10
  • SUP 1: 1.2653 50-day EMA 
  • SUP 2: 1.2584 Low May 15 
  • SUP 3: 1.2510 Low May 14
  • SUP 4: 1.2446 Low May 9 and a key near-term support     

The GBPUSD trend condition remains bullish and the latest pullback appears to be a correction. Support at 1.2711, the 20-day EMA, has been cleared and this exposes the next important area of support, at 1.2653, the 50-day EMA. A break of this average would undermine the bullish theme and signal scope for a deeper retracement. A reversal high would refocus attention on 1.2817, the Jun 4 high and bull trigger, and 1.2859, a Fibonacci projection.  

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