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GBPUSD TECHS: Recovery Extends

GBPUSD TECHS
  • RES 4: 1.3114 - 2.00 proj of the Apr 22 - May 3 - 9 price swing    
  • RES 3: 1.3044 High Jul 17 and the bull trigger
  • RES 2: 1.2955 76.4% retracement of the Jul 17 - Aug 8 bear leg
  • RES 1: 1.2914 High Aug 16
  • PRICE: 1.2893 @ 16:05 BST Aug 16
  • SUP 1:1.2787/2665 50-day EMA / 8 and the bear trigger  
  • SUP 2: 1.2613 Low Jun 27 and a key support
  • SUP 3: 1.2584 61.8% retracement of the Apr 22 - Jul 17 bull cycle
  • SUP 4: 1.2510 Low May 14 

GBPUSD is holding on to this week’s gains. The move higher that started Aug 8, undermines the recent bearish theme. Price has traded above the 20-day EMA - at 1.2811. A continuation higher would highlight a stronger reversal and signal scope for 1.2955, a Fibonacci retracement. Key support has been defined at 1.2665, the Aug 8 low, where a break is required to once again resume recent bearish activity.            

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